2025-06-16-花旗集团-新兴市场信用晴雨表周报_通往金发姑娘经济的微妙平衡_20页_836kb

EM Credit Barometer Weekly Summary (June 16, 2025)

Citi's analysis highlights mixed factors in emerging markets (EM) credit. Weaker US dollar support EM spreads due to improving economic data, but Middle East tensions dampen risk-on sentiment and caused sovereign and corporate spreads to widen. Despite this, EM assets returned positively, with sovereigns at 0.8% and corporates at 0.6%, while significant inflows continued in EM local currency (LC) bonds. New issuance reached $1 billion in sovereigns and $4 billion in corporates. Sovereign performers included Ukraine, Angola, and Pakistan, whereas Senegal, Ivory Coast, and Hungary underperformed. Corporate winners were Ghana, Malaysia, and Thailand, with Azerbaijan, Trinidad & Tobago, and Oman lagging. Fund flows showed sustained inflows, particularly in EM LC bonds.