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In our latest CIO Special, we look at the sub asset class of USD denominated Emerging Markets corporate bonds which stand out as one of the key beneficiaries of positive newsflow out of China as economic activity looks set to resume in the Asian economy. We highlight the following:

  • Excluding losses from Russia, Emerging Market (EM) corporate bonds (USD denominated) outperformed their western counterparts.
  • The reopening in China, which constitutes 25% of the segment, has allowed sentiment to improve for the whole asset class.
  • Material reduction in spreads limits the prospects of further significant narrowing

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No assurance can be given that any forecast or target can be achieved. Forecasts are based on assumptions, estimates, opinions and hypothetical models which may prove to be incorrect. Past performance is not indicative of future returns. Performance refers to a nominal value based on price gains/losses and does not take into account inflation. Inflation will have a negative impact on the purchasing power of this nominal monetary value. Depending on the current level of inflation, this may lead to a real loss in value, even if the nominal performance of the investment is positive.

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Change of name: As part of Deutsche Bank’s Private Bank, the former International Private Bank also adopted this title on July 20, 2023.

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