本期周报回顾新兴市场信贷市场表现：核心CPI超预期重新点燃美联储政策争论，地缘政治风险令布伦特原油维持高位，但在清淡成交下利差走阔幅度有限，构成关键支撑；同时美联储短期路径偏鹰、美债收益率曲线趋平压制市场情绪。主权债利差走阔5个基点，企业债利差亦走阔5个基点；主权债总回报1.0%、企业债总回报0.4%，表现主要由利率下行驱动。资金流向方面，本币基金录得又一笔大规模流入，硬通货基金流出加速并已连续第五周净流出。一级市场供给清淡，主权债发行6亿美元，企业债发行59亿美元。主权债周度表现领先者为加纳、南非和安哥拉，落后者为乌克兰、阿根廷和斯里兰卡；企业债领先者为摩洛哥、马来西亚和危地马拉，落后者为匈牙利、多米尼加共和国和特立尼达和多巴哥。
EM credit held up against a backdrop of hot core CPI reopening the Fed debate and geopolitical risks keeping Brent bid, with contained spread widening on thin flows providing the key support, even as a more hawkish near-term Fed path and a flatter Treasury curve weighed on sentiment. Sovereign spreads were 5bp wider alongside corporate spreads also 5bp wider, while sovereign total returns were 1.0% and corporate total returns were 0.4%, with performance driven primarily by a rally in rates even as EM spreads widened. Local currency fund flows recorded another large inflow, whereas hard currency funds saw an accelerated outflow, now extending to five consecutive weeks. Primary supply remained light, with sovereign issuance of $0.6bn alongside corporate issuance of $5.9bn. The top sovereign weekly outperformers were Ghana, South Africa and Angola while Ukraine, Argentina and Sri Lanka underperformed. The top corporate weekly outperformers were Morocco, Malaysia and Guatemala, while Hunga