J.P. 摩根-新兴市场-信贷策略-第十届新兴市场企业大会的主要收获-2019.3.1-40页.pdfVIP免费

GlobalCreditResearch01March2019MainTakeawaysfromOur10thEMCorporateConferencePositivesentimentdrivenbyrecedingmacrorisksandsupportivestand-alonefundamentals/technicalsEmergingMarketsCorporateStrategyYang-MyungHongAC(1-212)834-4274ym.hong@jpmorgan.comJ.P.MorganSecuritiesLLCAlisaMeyersAC(1-212)834-9151alisa.meyers@jpmorgan.comJ.P.MorganSecuritiesLLCZubairKSyedAC(1-212)834-5230zubair.k.syed@jpmorgan.comJ.P.MorganSecuritiesLLCSooChongLimAC(852)2800-7387soo.ch.lim@jpmorgan.comJ.P.MorganSecurities(AsiaPacific)LimitedZafarNazim,CFAAC(44-20)7134-7551zafar.nazim@jpmorgan.comJ.P.MorganSecuritiesplcNataliaCorfieldAC(1-212)834-9150natalia.corfield@jpmorgan.comJ.P.MorganSecuritiesLLCSeepage37foranalystcertificationandimportantdisclosures.J.P.Morgandoesandseekstodobusinesswithcompaniescoveredinitsresearchreports.Asaresult,investorsshouldbeawarethatthefirmmayhaveaconflictofinterestthatcouldaffecttheobjectivityofthisreport.Investorsshouldconsiderthisreportasonlyasinglefactorinmakingtheirinvestmentdecision.www.jpmorganmarkets.comWeheldourannualGlobalEMCorporateConferenceinMiamifromFebruary25toFebruary27.Thisyearmarkedthe10theditionofourflagshipEMcorporateconference,andthesizeandscopehasbeengrowingtogetherwiththeassetclass,whichexpandedfromabout$600bninearly2010to$2.2tncurrently.TheglobalscopeofourassetclassmeansthatissuersfromallthedifferentEMregionsparticipatedinadditiontodiverseinvestorsacrossEMdedicated,US,Europe,andAsia.Theconstructivesentimentattheconferencereflectedtherecentpositivetoneinmarketsaswellascomfortoncorporatefundamentalsandtechnicals,butwithsomeuneaseatcurrentspreadlevelsthatdonotseemtoreflectmuchdownsidebuffer.CEMBIBroadisup3.6%YTD,morethanrecoveringthe-1.6%losspostedin2018.Currentspreadat275bpisbacktothelevelsofmid2018andatournear-termtarget.TheviewonEMcorporatefundamentalsremainedgenerallyfavorableas72%ofsurveyrespondentsexpectedstabletoimprovingtrends.Thiswasalsoreflectedinthedefaultexpectations,wherethevastmajorityanticipatedmodestdefaultratesofbelow4%...