APAC Credit Roundup: EM Credit, EM Asia economies, Sri Lanka & Vietnam, Rizal Commercial Banking, Continuum

Research evidence excerpt

APAC Credit Roundup: EM Credit, EM Asia economies, Sri Lanka & Vietnam, Rizal Commercial Banking, Continuum

60bn. Looking ahead, primary market activity is expected to slow down emma.xing@jpmorgan.com

into the summer. Scheduled cash flows in July are expected to remain elevated at J.P. Morgan Securities (Asia Pacific) Limited

EM, Economic and Policy Research$37bn, mainly driven by Asia ($24bn), and exceed the five-year average July issuance

of $27bn. Mahmoud Harb

(65) 6882-1640

Asia meaningfully boosted total volumes, contributing $32bn to monthly new mahmoud.harb@jpmorgan.com

issuance, while Middle East & Africa, Emerging Europe, and Latin America added JPMorgan Chase Bank, N.A., Singapore Branch

$18bn, $13bn and $7bn, respectively. Asia supply was supported by continued Emerging Markets Strategy

ACissuance from Korea ($9bn in June). Notably, Korean 1H26 issuance of $40bn is Fariha R Ahmmed

running well ahead of last year’s record pace, which saw $34bn priced in 1H25. China (44-20) 7134-8537

and Hong Kong each added $6bn in June, while India also turned active with $4bn fariha.ahmmed@jpmorgan.com

issued. Please see more details in EM Corporate Supply Technicals. (Emma) J.P. Morgan Securities plc

EM Asia economies - US tariffs on Asia: Running to stay in

the same place For key risks and catalysts not already

described in this report, please refer to theUS tariffs on the rest of the world dominated the economic and policy discourse in

most recent Emerging Markets Corporate2025. But they receded to the background once the Supreme Court of the United States

Coverage Report.(SCOTUS) invalidated the use of the International Emergency Economic Powers Act

(IEEPA) to impose tariffs. The Middle East conflict, and the relentless focus on the