德银-新兴市场-主权信贷-新兴市场债务：2018年1月技术监测-20180205-17页

DeutscheBankMarketsResearchEmergingMarketsCreditSovereignsDate5February2018EMDebt:TechnicalsMonitorJanuary2018________________________________________________________________________________________________________________DeutscheBankSecuritiesInc.DISCLOSURESANDANALYSTCERTIFICATIONSARELOCATEDINAPPENDIX1.MCI(P)083/04/2017.JayantGuptaStrategist(+1)904271-3885jayanth.gupta@db.comRebeccaKlausenStrategist(+44)20754-55173rebecca.klausen@db.comHongtaoJiangStrategist(+1)212250-2524hongtao.jiang@db.comSummary:TechnicalconditionsforEMcreditremainsupportiveasinflowshavebeenstrongwhilefundspositioningdoesnotseemheavy(basedonmutualfundbeta)cushioningtheimpactofarecentsurgeinsupply.EMsovereignssoldUSD37bnworthofbonds(orUSD25bninnetsupply)inJanuary.WithUSTyieldsontherise,wealwaysexpectedissuancetobefrontloaded.Butwithnewissuers