2月26日，花旗分析师在评估各基金发布的展望报告后表示，全球大型资产管理公司（管理超过20万亿 美元的资产）正在买入新兴市场股票、本币债券和信贷产品，押注强劲的全球经济增长和美元走软将有 利于这些市场。 花旗表示，基金经理增持了亚洲、拉丁美洲以及欧洲、中东和非洲的股票多头部位。新兴市场债券是他 们首选的久期投资标的，这与他们持有的美国国债和欧洲核心主权债务的空头部位形成鲜明对比。花旗 也表示，在信贷方面，最大的超配是新兴市场债券，美国投资等级债券普遍获得低配。 美股频道更多独家策划、专家专栏，免费查阅>> 责任编辑：山上 ...

2月26日，据外媒报道，花旗集团分析师在审查了各基金发布的展望报告后表示，全球前几大资产管理 公司（合计管理着超过20万亿美元的资产）正在买入新兴市场的股票、本币债券和信贷产品，押注强劲 的全球经济增长和美元走软将有利于这些市场。尽管本周全球市场因担忧人工智能可能颠覆经济的诸多 领域而震荡，但新兴市场资产依然表现良好。 MSCI新兴市场指数周四一度上涨0.7%，创下历史新高。相关主题ETF的交易量也大幅飙升。这一转变 也反映出发达市场前景更加不明朗。由于政策不确定性和财政担忧令市场情绪承压，美国、日本和德国 的国债收益率飙升。 来源：金十数据 ...

Core Viewpoint - The Argentine government, led by Economy Minister Luis Caputo, has announced a long-term strategy to reduce reliance on Wall Street, emphasizing the importance of economic sovereignty and minimizing external debt obligations [1][3]. Group 1: Policy Announcement - The government will not issue dollar-denominated bonds under foreign jurisdiction to repay $4.3 billion in debt due in January [1]. - President Milei supports this strategy, highlighting the government's commitment to reducing external debt binding [1]. Group 2: Economic Context - Argentina's total external debt is projected to reach $305.04 billion by the end of Q2 2025, marking a historical high [4]. - The country is the largest debtor to the International Monetary Fund (IMF), raising concerns about debt sustainability [4]. - Despite successful economic reforms that reduced inflation to 2.7% by October 2024, high debt levels and currency fluctuations remain significant challenges [4]. Group 3: Funding Strategies - The government has raised approximately $2.5 billion through bond buybacks and the sale of key assets like oil and gas [3]. - Future funding gaps will be addressed by expanding domestic financing and enhancing cooperation with regional multilateral institutions [3][4]. - The strategy aims to optimize domestic financing structures and increase the issuance of local currency bonds [4]. Group 4: Challenges Ahead - Transitioning away from dollar-denominated debt may increase short-term financing costs, and the capacity of the domestic capital market to meet debt financing needs is uncertain [4]. - Analysts suggest that Argentina must balance the shift away from reliance on international capital with the need to maintain liquidity security to avoid new debt default risks [4].

Core Insights - The issuance of dollar-denominated bonds by governments in Asia and Europe has significantly decreased, with a 19% year-on-year drop to $86.2 billion in the first five months of the year, marking the first decline in three years [1][2] - Global sovereign local currency bond issuance has risen to $326 billion, the highest level in five years, as investors withdraw from U.S. assets due to concerns over tariffs and the stability of U.S. financial dominance [2] Group 1 - The dollar bond issuance from Canada and Saudi Arabia fell by 31% and 29% respectively, amounting to $10.9 billion and $11.9 billion [2] - Israel and Poland also saw declines in dollar bond issuance by 37% and 31%, reaching $4.9 billion and $5.4 billion [2] - The decline in dollar bond issuance is accompanied by a notable increase in local currency bond issuance, driven by easing inflation pressures and lower local interest rates in countries like India, Indonesia, and Thailand [5] Group 2 - Brazil is considering issuing its first sovereign bonds in renminbi following a series of investment agreements and a currency swap deal with China [5] - Saudi Arabia raised €2.25 billion (approximately $2.36 billion) through euro-denominated bonds, including its first green bonds, aligning with its strategy to diversify away from dollar-linked financing [5] - The local currency bond market is expected to mature further, particularly in India, as its bonds are included in global bond indices, potentially expanding the investor base [5]