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1、Deutsche Bank Markets Research Emerging Markets Rates Gov. Bonds however, more details will only be announced on Tuesday. Despite rich valuation, most recent auctions were strong and we expect this to continue over the upcoming months. Valuation for fixed bonds:Valuation for fixed bonds: Among bonds
2、 most issued over the last 12 months, Aug-21 is the most attractive in the short-end, Jul-22 and Sep26 in the belly while Jan-28 and Sep-31 in the long-end. On the other hand, Apr-21, Aug- 23 and Mar-33 are currently the least attractive bonds Thursday: Hungary Thursday: Hungary will issue one float
3、er this Thursday (2023/B with HUF 20bn). Demand for local debt has been robust of late, but not as strong as one expected given the central bank switch auctions going through. From an absolute level perspective, valuation looks stretched, particularly in the long-end of the curve. Valuation for fixe
4、d bonds: 20/A and 21/B are among the most attractive bonds in the short-end, both trading particularly cheap vs fair value. Further 21/B is supported by switch auctions. Further out the curve, 27/A and 26/D both look from RV perspective cheap vs 23/A, 24/B and 28/A Thursday / Sunday:Thursday / Sunda
5、y: Similar to previous weeks, Egypt Egypt will be issuing 6m (EGP 6.5bn) and 12m (6.75bn) T-bills on Thursday followed by 3m (6.5bn) and 9m (6.75bn) T-bills on Sunday. In contrary to H2-17, where the actual amount distributed was significantly higher than the amount planned, it is this year only sli
6、ghtly higher so far. On the other hand, demand remains strong with B/Cs noticeably higher than on average over the past 12 months. Friday: PolandFriday: Poland will issue PLN 5bn-9bn in local bonds this Friday. More details will only be announced by Wednesday. January is historically the heaviest mo
7、nths in terms of local bond auctions. Hence we note the less favorable supply/demand dynamics at the start of the year. Valuation for fixed bonds:Valuation for fixed bonds: In the short-end Jul-19 and Jul-21 are currently the most attractive bonds while Apr-20, Oct-20 and Oct-21 are particularly ric
8、h. In the belly, we like Jan-23 trading 5bp cheap vs fair value and Oct-23. The latter is currently rich vs fair value, but less so than over the past six months. On the other hand we dissuade from Jul-25 and Jul-26, both trading rich vs fair value and the past six months. In the long-end we like Ap
9、r-28 trading 9bp cheap (note the still lower liquidity), while dissuade from Jul-27 trading in line with fair value but rich vs the last six months No auctions in Czech Republic No auctions in Czech Republic 22 January 2018 EMEA Fixed Income: Whats the issue?: 22nd Jan - 28th Jan Deutsche Bank AG/Lo
10、ndon Page 3 Table Of Contents Upcoming/past auctions in EMEA local markets . 4 EMEA debt outstanding. 6 EMEA Issuances overview . 10 Country section Czech Republic . 12 Egypt . 15 Hungary . 17 Israel . 21 Poland. 25 Russia . 29 South Africa . 32 Turkey . 36 Romania . 40 22 January 2018 EMEA Fixed In
11、come: Whats the issue?: 22nd Jan - 28th Jan Page 4 Deutsche Bank AG/London Upcoming/past auctions in EMEA local markets1 This weeks issuances Israel22-Jan-18IL00114222331-Jan-210.33%FixedILS 250mnUSD 73mn15-Jan-18200mn0.33%Israel22-Jan-18IL00114122530-Nov-220.72%FixedILS 200mnUSD 59mn15-Jan-18250mn0
12、.72%Israel22-Jan-18IL00113934431-Mar-271.64%FixedILS 250mnUSD 73mn15-Jan-18250mn1.62%Israel22-Jan-18IL00113486531-May-451.33%CPIILS 150mnUSD 44mn11-Dec-17150mn1.45%Turkey22-Jan-18new issue18-Jan-23-FixedTRY 2bn*USD 763mn-Turkey22-Jan-18TURKGB 0 06/05/245-Jun-2412.49%FloatingTRY 2bn*USD 763mn25-Oct-172303mn2.612.3%Romania22-Jan-18ROMGB 3 1/4 04/29/2429-Apr-244.10%FixedRON 300mn*USD 76mn6-Nov-17345mn1.63.9%Turkey23-Jan-18TURKGB 10.7 08/17/2211-Aug-2711.74%FixedTRY 2bn
