汇丰：全球债券资金流向指南_ 超越利差套利视角

Investment Rating - The report indicates a strong year-to-date return performance for emerging markets (EM) local debt, suggesting a favorable investment outlook despite recent geopolitical risks and rising oil prices [9]. Core Insights - Foreign demand for Korea government debt remains robust, with inflows of USD8.2 billion in May 2025, following USD7.9 billion in April [13]. - Emerging markets are experiencing a shift in foreign investment patterns, with stronger inflows into low yielders like Korea, contrasting with outflows from high yielders [9][10]. - Mexico government debt has seen significant outflows, totaling approximately USD4 billion in 2Q25, indicating a decline in foreign interest [11][12]. Summary by Sections Foreign Capital Flows - Inflows into Korea government debt reached USD8.2 billion in May, with notable investments in Korea Treasury Bonds (KTBs) [13]. - Malaysia government debt attracted USD3 billion in inflows in May, up from USD2.3 billion in April, indicating strong foreign interest [14]. - Colombia government debt saw an increase of USD436 million in foreign holdings in May, contrasting with previous months [15]. Emerging Markets Trends - The report highlights a strong performance of EM local debt, with a focus on positioning for lower rates in low yielders [9]. - Foreign investors increased their holdings in Indonesia and Hungary, while outflows were noted from India, Thailand, and South Africa [10]. - The report emphasizes the importance of geopolitical stability and economic indicators in shaping future investment flows into EM sovereign debt [9].