EM Sovereign Strategy Trade Tips: Euro-stepping to the rim for the score

Research evidence excerpt

EM Sovereign Strategy Trade Tips: Euro-stepping to the rim for the score

J P M O R G A N Global Markets Strategy

22 July 2026

EM Sovereign Strategy Trade Tips

Euro-stepping to the rim for the score

Emerging Market Research

Ben Ramsey AC

(1-212) 834-4308

benjamin.h.ramsey@jpmorgan.com

J.P. Morgan Securities LLC

Nishant M Poojary, CFA ACOur “EM Sovereign Strategy Trade Tips” publication focusses on quick, tactical

(44 20) 3493-3859

ideas, not necessarily linked to the overall country view or EMBIGD Model Portfolio nishant.m.poojary@jpmorgan.com

position. Historical notes can be found under the flagship publications in the J.P. Morgan Securities plc

ACSovereigns tab here. Fariha R Ahmmed

• In this edition of the note, we recommend: (44-20)fariha.ahmmed@jpmorgan.com7134-8537

• Buy Ivycst 6 ⅛ 33$s vs sell Ivycst 4 ⅞ 32€s J.P. Morgan SecuritiesACplc Leonardo Tiago

• Buy Chile 3.1% 41$s vs Sell Chile 1.25% 40€s (1-212) 834-2479

• Double the notional: Buy Mexico 4.875% 36€s vs Sell Peru 1.95% 36€s leonardo.tiago@jpmorgan.comJ.P. Morgan Securities LLC

• Close: Buy Chile 1.3% 36€s vs sell Poland 2.375% 36€s recommendation

EM €-denominated supply has remained stronger following the ‘Liberation

Day’ induced tilt towards the non-$ assets. EM €-denominated issuance YTD

stands at $60bn, nearly 80% of the total €-denominated supply last year, which was

the highest €-denominated issuance year on record. EM issuance in € picked up last

year following the April Liberation Day scare as discussions around the state of US

exceptionalism and diversification away from the $ assets started to gain some steam

(Figure 1). The rise in €-denominated issuance also stems in part from a weaker $

backdrop, with issuers seeking alternative sources of financing and investors showing