《德意志银行-新兴市场-金融市场-新兴市场固定收益：问题在哪里？-20170904-EMEA Fixed Income：What’s the issue？：4-8Sep-Deutsche Bank》由会员分享，可在线阅读，更多相关《德意志银行-新兴市场-金融市场-新兴市场固定收益：问题在哪里？-20170904-EMEA Fixed Income：What’s the issue？：4-8Sep-Deutsche Bank（36页珍藏版）》请在金锄头文库上搜索。
1、Deutsche Bank Markets Research Emerging Markets Rates Gov. Bonds Feb-31 (ZAR900mn), Mar-32 (900mn) and Feb-48 (850mn). On Friday they follow with three linkers; Jan-25, Mar-29 and Mar-46 all at 500mn. Valuation: Based on our valuation models, we find that R207, R2035 and R2040 are currently the most
2、 attractive bonds on the curve while R2023, R209 and R214 are rich, in particular. Among the bonds on auction R213 is trading at “fair value”, R2035 is very attractive particularly compared to R209 while R2048 is rich compared to fair value but cheap compared to recent weeks implying a pickup of 3bp
3、. Russia Russia will issue on Wednesday this week. However, more details will only be announced on Tuesday. At last weeks auctions Russia issued one fixed bond (Sep-26) and one floater (Nov-22). Interest was reasonably strong for both bonds (2.6x floater and 2.9x fixed bonds). Despite the robust dem
4、and for the fixed bond, Oct-24 looks currently more attractive than Sep-26. Valuation for fixed bonds without fixed bond auctions this week Czech: Valuation for fixed bonds without fixed bond auctions this week Czech: Feb-27, Aug-28 and May-30 are the three most attractive bonds, while Aug-18, Apr-1
5、9 and Sep-25 all look rich Hungary Hungary 20/A, 21/B, 22/B and 28/A are among the most attractive bonds on the curve. On the other hand 19/A and 19/C both due to bond switches as well as 24/B and 25/B are rich in particular. Poland Poland April-20 in the short-end, Apr-21 in the belly and Jul-27 th
6、e long- end are the three most attractive bonds on the curve. On the other hand Jul-19, Oct-19 and Oct-23 look in particular rich. Turkey Turkey given lack of historical data, valuation for the new 5Y/10Y benchmark bonds are not yet meaningful. However, compared to fair value Aug-22 is trading 3bp c
7、heap while Aug-27 2bp rich. Across the curve Feb-20, Mar-22 and Feb-27 are the most attractive bonds on the curve while Jul-29, Jan-22 and Feb-26 look rich. Distributed on: 04/09/2017 08:05:00 GMT 0bed7b6cf11c Distributed on: 04/09/2017 07:53:00 GMT 每日免费获取报告 1、每日微信群内分享5+最新重磅报告； 2、每日分享当日华尔街日报、金融时报； 3
8、、每周分享经济学人 4、每月汇总500+份当月重磅报告 （增值服务） 扫一扫二维码 关注公号 回复：研究报告 加入“起点财经”微信群。 4 September 2017 EMEA Fixed Income: Whats the issue?: 4 - 8 Sep Page 2 Deutsche Bank AG/London Table Of Contents Upcoming/past auctions in EMEA local markets 3 EMEA debt outstanding 4 EMEA Issuances overview 5 Country sections Count
9、ry sections Czech 7 Hungary 10 Israel . 13 Poland. 16 Russia . 19 South Africa 22 Turkey . 26 4 September 2017 EMEA Fixed Income: Whats the issue?: 4 - 8 Sep Deutsche Bank AG/London Page 3 Upcoming/past auctions in EMEA local markets1 This weeks issuances IsraelMon/04-Sep-17IL00114122530-Nov-220.85%
10、Fixed250mn70mn14-Aug-17250mn0.93% IsraelMon/04-Sep-17IL00113934431-Mar-271.81%Fixed250mn70mn14-Aug-17250mn1.84% IsraelMon/04-Sep-17IL00114019331-Mar-473.10%Fixed150mn42mn14-Aug-17200mn3.21% IsraelMon/04-Sep-17IL00114084731-May-270.33%CPI200mn56mn14-Aug-17250mn0.46% SouthAfricaTue/05-Sep-17R21328-Feb
11、-319.17%Fixed900mn70mn29-Aug-17900mn2.49.22% SouthAfricaTue/05-Sep-17R203231-Mar-329.30%Fixed900mn70mn15-Aug-17900mn9.34% SouthAfricaTue/05-Sep-17R204828-Feb-489.76%Fixed850mn66mn29-Aug-17900mn2.69.69% RussiaWed/06-Sep-17 HungaryThu/07-Sep-172021/A23-Jun-210.53%Floating10bn39mn24-Aug-177bn3.1- Roman
12、iaThu/07-Sep-17ROMGB 2 1/4 02/26/2026-Feb-201.78%Fixed500mn129mn14-Jun-17690mn2.61.76% SouthAfricaFri/08-Sep-17I202531-Jan-252.53%CPI500mn39mn25-Aug-17360mn2.00% SouthAfricaFri/08-Sep-17I202931-Mar-292.53%CPI500mn39mn01-Sep-17180mn2.54% SouthAfricaFri/08-Sep-17I204631-Mar-462.59%CPI500mn39mn25-Aug-1
13、71030mn2.50% Maturity current yield Type Size (local Bonds on auction Last auction Country Date Name To be announced on Tuesday Size (USD) DateSizeBid-coverYield Source: Deutsche Bank Last weeks issuances Size USD Romania28-Aug-17ROMGB 3.4 03/08/2208-Mar-22FixedRON 500mn129mn1.22.65%593mn1.82.71% So
14、uthAfrica29-Aug-17R21328-Feb-31FixedZAR 900mn70mn2.49.22%850mn-9.19% SouthAfrica29-Aug-17R203528-Feb-35FixedZAR 850mn66mn2.69.58%764mn-9.43% SouthAfrica29-Aug-17R204828-Feb-48FixedZAR 900mn70mn2.69.69%786mn-9.44% Russia30-Aug-17RFLB 0 11/16/2216-Nov-22FloatRUB 15bn261mn2.69.61%15.4bn2.4- Russia30-Au
15、g-17RFLB 0 11/16/2216-Sep-26FixedRUB 20.6bn358mn2.97.90%20.3bn1.88.06% Romania30-Aug-17ROMGB 1.35 02/25/1925-Feb-19FixedRON 500mn129mn2.21.27%739mn1.81.35% Hungary31-Aug-172020/C23-Sep-20FixedHUF 15bn59mn1.50.69%16.8bn2.91.08% Hungary31-Aug-172022/B26-Oct-22FixedHUF 22.5bn88mn3.11.61%18.7bn2.91.94%
16、Hungary31-Aug-172027/A27-Oct-27FixedHUF 10bn39mn2.02.96%13.7bn2.53.22% SouthAfrica01-Sep-17I202931-Mar-29CPIZAR 180mn14mn4.62.54%162mn-2.22% SouthAfrica01-Sep-17I203831-Jan-38CPIZAR 400mn31mn4.62.53%400mn-2.53% SouthAfrica01-Sep-17I205031-Dec-50CPIZAR 220mn17mn4.12.59%456mn-2.70% Previous auctions2017 YTD Current Yield Country DateNameMaturity Coupon Type Size soldBid-coverYield avg. size sold (local currency) Bid-cover avg YTD Source: Deutsche Bank 1 Source: Data base
