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

24 July 2026

Emerging Markets Corporate

Strategy

Yang-Myung Hong AC

(1-212) 834-4274

ym.hong@jpmorgan.com

J.P. Morgan Securities LLC

Today is the last day of the Extel 2026 Global Fixed Income Research Survey.

Alisa Meyers

If you have found our research helpful, we would appreciate your 5-Star vote for

(1-212) 834-9151

J.P. Morgan as well our team. A common question we have received since the alisa.meyers@jpmorgan.com

outbreak of the Iran war around the start of March has been around MidEast J.P. Morgan Securities LLC

corporate bond technicals. Below is a summary of our fund holding study, covering Dhawal U Mehta

$4.3trn in Fixed Income (FI) assets and spanning 2,740 funds across EM (91-22) 6157 3779

dedicated, Strategic, IG, HY, Multi-asset, CEEMEA/MidEast and Asia focused dhawal.mehta@jpmchase.com

funds. Please see EM Corporate Demand Technicals for the full report including J.P. Morgan India Private Limited

our estimates on who owns MidEast corps.

MidEast corporate technicals are anchored by UWs among EM dedicated

investors, steady local investor bid, and the region’s role as a potential

diversifier for crossover investors. Our fund holding study shows that the

increase in public fund allocations to MidEast corporates has been largely new-

issue driven, rather than evidence of a broad-based secondary-market bid.

Dedicated EM investors are likely still UW. Our pre-conflict technicals study

showed EM dedicated investors were materially UW, and recent investor

conversations suggest the resilience of the region has left some accounts looking

to top up positions. But the gap between holdings growth and market-size growth

suggests dedicated investors have not yet covered the gap.