摩根士丹利：新兴市场固定收益流动更新_供应与需求的交汇处

Investment Rating - The report does not explicitly provide an investment rating for the industry. Core Insights - Emerging Market Debt Dedicated (EMDD) funds experienced significant inflows of US$1.2 billion this week, a notable increase from US$52 million in the previous week [2] - Hard currency fund inflows increased to US$335 million from US$219 million, while local currency fund flows turned positive with inflows of US$689 million compared to outflows of US$52 million last week [2][3] - Year-to-date returns for hard currency and local currency stand at 7.5% and 2.3%, respectively [2] Summary by Sections EM Flows - EMDD funds saw inflows of US$1.2 billion this week, a significant increase from US$52 million the previous week [2] - Hard currency funds had inflows of US$335 million, up from US$219 million, while sovereign funds shifted to outflows of US$304 million from inflows of US$235 million [2] - Local currency funds saw inflows of US$689 million, a rebound from outflows of US$52 million [2] EM Credit Issuance - Total issuance for the week was US$15.1 billion, compared to US$9.7 billion the previous week [3] - Year-to-date sovereign issuance reached US$163.8 billion, which is US$52.2 billion higher than the same point in 2023 [3] ESG Issuance - There was US$3.5 billion in ESG-labelled bond issuance this week, bringing the year-to-date total to US$114.9 billion [6] - Hard currency ESG funds saw inflows of US$172 million, while local currency ESG funds experienced outflows of US$6 million [6] Cumulative Flows - Cumulative flows for EM debt dedicated funds show a significant divergence between hard currency and local currency flows, with hard currency flows remaining positive while local currency flows have fluctuated [13][16]