全球利率供应展望：未来几周的发行量和现金流

Issuer of report:HSBC Bank plcView HSBC Global Research at:https://www.research.hsbc.comListen to our insightsFind out moreHSBC Global Research PodcastsGuy Baverstock, CFARates AnalystHSBC Bank plcguy.baverstock@hsbcib.com+44 20 3359 2172 8EM EXDsupply and maturitiesFigure 1. EM EXD gross supplySource: Bloomberg, HSBC calculations.Note: EXD issuance across USD, EUR, GBP, JPY.Supply is converted to USD at average monthlyexchange rates. Note: may include restructured bonds.Figure 2. EM EXD maturities (IG vs HY)Source: Bloomberg, HSBC calculations.Note: EXD issuance across USD, EUR, GBP, JPY. Historical data converted to USD at average monthly exchange rates, futurematuritiesconverted at spotFigure 3. EM EXD maturities by regionSource: Bloomberg, HSBC calculations. Note: EXDissuance across USD, EUR, GBP, JPY. Historical data converted to USD at average monthly exchange rates, future maturities converted at spot051015202530354045Jan 24Feb 24Mar 24Apr 24May 24Gross supply (USDbn)0246810121416Jan 24Feb 24Mar 24Apr 24May 24Jun 24Jul 24Maturities (USDbn)024681012Jan 24Feb 24Mar 24Apr 24May 24Jun 24Jul 24Maturities (USDbn) Supply-related publications◆CEEMEA Rates(23 May 2025)◆US Treasury refunding (announcement)(30April 2025)◆LatAm Rates Strategy(30 January 2025)◆EM Sovereign Credit Insights(13 December 2024)◆CEEMEA Rates 2025(6 December 2024)◆Asia-Pacific Rates 2025(26 November 2024)◆SSA Monitor(15 November 2024)◆2025 supply outlook(5 November 2024)◆US Treasury funding (announcement)(30 October 2024)We acknowledge the assistance of Bangalore Associate Kshitiz Sharma in the production of thisreport.Kshitiz Sharmaisemployed by a non-US affiliate of HSBC Securities (USA) Inc. andisnot registered/qualified pursuant to FINRA regulations.Pin Ru TanHead of APAC Rates StrategyThe Hongkong and ShanghaiBanking Corporation Limited,Singapore Branchpin.ru.tan@hsbc.com.sg+65 6658 8782Justin HengAPAC Rates StrategistThe Hongkong and ShanghaiBanking Corporation Limitedjustin.heng@hsbc.com.hk+852 2288 9778Duncan TanAssociate APAC Rates StrategistTheHongkong and ShanghaiBanking Corporation Limited,Singapore Branchduncan.tan@hsbc.com.sg+65 6658 7255Kristian BolsoRates StrategistHSBC Bank plckristianbolso@hsbc.com+44 20 7579 4854 9Himanshu Malik, CFASenior Global Emerging MarketsRates StrategistThe Hongkong and ShanghaiBanking Corporation Limitedhimanshu1malik@hsbc.com.hk+852 3941 7006Soumya Mohanty, CFAAnalyst, APAC Rates StrategyHSBCSecurities and CapitalMarkets (India) Private Limitedsoumya.ranjan.mohanty@hsbc.co.in+91 80 6827 3548Mario RoblesHead of LatAm Rates StrategyHSBC Securities (USA) Inc.mario.robles@us.hsbc.com+1 212 525 4119RobertPrestonRates AnalystHSBC Bank plcrobert.preston@hsbc.com+44 20 7991 0955 GuyBaverstock, CFARates AnalystHSBC Bank plcguy.baverstock@hsbcib.com+44 20 3359 2172Chris AttfieldEuropean Rates StrategistHSBC Bank plcchristopher.attfield@hsbcib.com+44 20 7991 2133Daniela RussellHead of UKRates StrategyHSBC Bank plcdaniela.russell@hsbcib.com+44 20 7991 1352Shubham SharmaGlobal Rates StrategistHSBC Securities and CapitalMarkets (India) Private Limitedshubham.s.sharma@hsbc.co.in+91 80 67372651 10Disclosure appendixAnalyst CertificationThe following analyst(s), economist(s), or strategist(s) who is(are) primarily responsible for this report,including any analyst(s)whose name(s) appear(s) as author of an individual section or sections of the report and any analyst(s) named as the coveringanalyst(s) of a subsidiary company in a sum-of-the-parts valuation certifies(y) that the opinion(s) on the subject security(ies) orissuer(s), any views or forecasts expressed in the section(s) of which such individual(s) is(are) named as author(s), and anyotherviews or forecasts expressed herein, including any views expressed on the back page of the research report, accurately reflecttheir personal view(s) and that no part of their compensation was, is or will be directly or indirectly related to the specificrecommendation(s) or views contained in this research report: Guy Baverstock, CFA, Chris Attfield,Daniela Russell, ShubhamSharma, Pin Ru Tan, Justin Heng, Duncan Tan, Kristian Bolso, Himanshu Malik, CFA, Soumya Mohanty, CFA, Mario Robles andRobert PrestonImportant disclosuresFixed income: Basis for financial analysisThis report is designed for, and should only be utilised by, institutional investors.Furthermore, HSBC believes an investor'sdecision to make an investment should depend on individual circumstances such as the investor's existing holdings and otherconsiderations.HSBC believes that investors utilise various disciplines and investment horizons when making investment decisions, whichdepend largely on individual circumstances such as the investor's existing holdings, risk tolerance and other considerations.Giventhese differences, HSBC has two principal aims in its fixed income research: 1) to identify long-term investment opportunitiesbased on particular themes or ideas that may affect the future earnings or