JPM EM Corporate Strategy Daily

研报英文原文证据摘录

JPM EM Corporate Strategy Daily

J P M O R G A N Global Credit Research

06 July 2026

EM corporate new issuance accelerated in June to $70bn from $48bn in May, Emerging Markets Corporate

marking the second highest for the month after June 2021 ($79bn). Monthly Strategy

issuance was well ahead of the past five-year average of $40bn, with robust activity Yang-Myung Hong AC

recorded across all regions except Latin America, which was the only market (1-212) 834-4274

where the total for the month ended below average. Net financing for the month of ym.hong@jpmorgan.com

June ended decisively positive at +$22bn following the robust gross issuance, J.P. Morgan Securities LLC

more than offsetting the elevated scheduled cash flows ($35bn) and $13bn in Alisa Meyers

unscheduled redemptions. EUR-denominated issuance rose to the highest levels (1-212) 834-9151

alisa.meyers@jpmorgan.com

since the GFC at 16% of total YTD EM corporate supply. The mix of issuance by J.P. Morgan Securities LLC

rating tilted toward IG in June at 77% of the monthly volume versus the 70% YTD Dhawal U Mehta

trend. (91-22) 6157 3779

dhawal.mehta@jpmchase.com

On a quarterly basis, the $157bn in 2Q 2026 was the highest quarter since J.P. Morgan India Private Limited

2Q21. Ex-China issuance was still a new quarterly record with $144bn priced. All

regions ended well above their respective past five-year 2Q averages, with EM

Europe in particular posting its strongest quarter ever at $34bn, while ME&A

($36bn) ended up close to its previous 2Q record of $41bn seen in 2021. Gross

issuance more than offset $100bn in scheduled cash flows and $33bn in LME

activity, resulting in +$23bn in positive net financing for the quarter.

This brings 1H 2026 issuance to $295bn, the second highest first-half total on