Market Dashboard

Fixed Income

Source for data tables: Bloomberg, JPMorgan, Gramercy. As of April 3, 2020.

Emerging Market Credit – EMBI Global Diversified
EM Investment Grade vs US Investment Grade
EM High Yield vs US High Yield
Flow Tracker – Monthly Data
Flow Tracker – Annual Data

Source for graphs: Bloomberg, JPMorgan, Gramercy. As of April 3, 2020.

Additional Crisis Resources:

Johns Hopkins COVID-19 Case Tracker

IMF Global Policy Response Monitor

Global Economic Forecasts

Gramercy Insight:

Growth forecasts are in the process of downward revisions and most are in contractionary territory with latest global growth assumptions ranging from -1% to zero and deepest recession expectations in Europe. China revisions are in the 1-2% range, notably lower than during the GFC. Gramercy expects global growth to be on the lower end of the new range subject to downside risks.

Chinese high frequency indicators (coal consumption, traffic, property sales, subway ridership etc.) for March reflect gradual improvement relative to February albeit remain comfortably in contractionary territory on annualized basis.

Emerging Markets Corporate Fundamentals

Please contact Matt Christ, Managing Director, with any questions:  [email protected]

This document is for informational purposes only. The information presented is not intended to be relied upon as a forecast, research or investment advice, and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy. Gramercy may have current investment positions in the securities or sovereigns mentioned above. The information and opinions contained in this paper are as of the date of initial publication, derived from proprietary and nonproprietary sources deemed by Gramercy to be reliable, are not necessarily all-inclusive and are not guaranteed as to accuracy. This paper may contain “forward-looking” information that is not purely historical in nature. Such information may include, among other things, projections and forecasts. There is no guarantee that any forecasts made will come to pass. Reliance upon information in this paper is at the sole discretion of the reader. You should not rely on this presentation as the basis upon which to make an investment decision. Investment involves risk. There can be no assurance that investment objectives will be achieved. Investors must be prepared to bear the risk of a total loss of their investment. These risks are often heightened for investments in emerging/developing markets or smaller capital markets. International investing involves risks, including risks related to foreign currency, limited liquidity, less government regulation, and the possibility of substantial volatility due to adverse political, economic or other developments. The information provided herein is neither tax nor legal advice. Investors should speak to their tax professional for specific information regarding their tax situation.