01.06.2017 - Emerging Markets Corporate Bonds Update for May 2017

• Positive trend for emerging markets corporate bonds has continued in May
• Moody’s downgraded the rating of China for the first time since 1989
• Political turmoil in Brazil
• Prudent stock picking is now more than ever the key to successfully manage in the current market environment

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01.05.2017 - Emerging Markets Corporate Bonds Update for April 2017

• Positive market developments due to robust inflows into the asset class and stable US yields
• High inventory levels in China and expected cool down of the Chinese real estate market
• Involvement in relative value trades because of weak market returns in absolute terms
• Chart of the month: Yield development Banco do Brasil 2022 vs. Caixa 2022

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01.04.2017 - Emerging Markets Corporate Bonds Update for March 2017

• Outperformance of the fund versus the benchmark
• Record high new emissions in the past quarter
• Rise in US shale oil drilling
• Meat scandal in Brazil provides opportunities

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01.03.2017 - Emerging Markets Corporate Bonds Update for February 2017

• Asset class performed positively in February
• “Mexico-premium” on IG bonds offers performance opportunities
• Brazilian company earnings in focus
• Shorter duration of portfolios prepares our strategies for further interest rate hikes

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01.02.2017 - Emerging Markets Corporate Bonds Update for January 2017

• Global commodity markets are on the upswing
• Producer prices have continued to rise in China
• Mixed company figures

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01.01.2017 - Emerging Markets Corporate Bonds Update for December 2016

• Strong USD weakens the commodity market
• Chinese central bank increases money market interest rates
• Increased inflation expectation anticipates higher volatility

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This document is an advertisement. All data is sourced from ERSTE-SPARINVEST Kapitalanlagegesellschaft m.b.H. and Erste Asset Management GmbH unless indicated otherwise. Our languages of communication are German and English.

The prospectus for UCITS (including any amendments) is published in Amtsblatt zur Wiener Zeitung in accordance with the provisions of the InvFG 2011 in the currently amended version. Information for Investors pursuant to § 21 AIFMG is prepared for the alternative investment funds (AIF) administered by ERSTE-SPARINVEST Kapitalanlagegesellschaft m.b.H. and Erste Asset Management GmbH, pursuant to the provisions of the AIFMG in connection with the InvFG 2011.

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