Global Rates Ideas EM & DM

Research evidence excerpt

Global Rates Ideas EM & DM

10 July 2026

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Global Rates Ideas FixedRates Income

EM & DM Global

◆ ASWs have widened in Israel as the market prices BOI cuts; Robert Preston

we prefer to position for a reversal of this trend Rates Analyst

HSBC Bank plc

robert.preston@hsbc.com

◆ The NBP has shifted dovish as fiscal risks still loom large; +44 20 7991 0955

we favour positioning for a steeper curve in Poland Shubham Sharma

Global Rates Strategist

HSBC Securities and Capital Markets (India) Private

◆ Defence bonds are back in the limelight in the UK, while in Limited

the Philippines, we discuss the H2 fiscal funding plan shubham.s.sharma@hsbc.co.in+91 80 67372651

Kristian Bolso

The 2026 Extel Global Fixed Income Research Survey is open. We would greatly Quant Rates and EXD Strategist HSBC Bank plc

appreciate your support in this poll. kristianbolso@hsbc.com

+44 20 7579 4854

EM and DM trade ideas and strategy Daniela Russell

Head of UK Rates Strategy

Israel: 2Y bond-OIS spread tightener Page 3 daniela.russell@hsbcib.com

We prefer positioning for a reversal of the recent spread widening trend, supported +44 20 7991 1352

by a modest carry cushion and favourable supply dynamics. Strong disinflation Pin Ru Tan

Head of APAC Rates Strategy

momentum or sharp shekel appreciation remain key risks to our view. The Hongkong and Shanghai Banking Corporation

Limited, Singapore Branch

Poland: Summer steepeners Page 5 pin.ru.tan@hsbc.com.sg

+65 6658 8782

We open two new steepeners in Poland, one in IRS and one in POLGBs, to reflect

increasing fiscal risks ahead of the 2027 elections. In our view, the front-end may Justin Heng APAC Rates Strategist

remain anchored by increasing NBP dovishness, despite a resilient macro backdrop.