尽管历史表明新兴市场债券的抛售最终会带来具有吸引力的买入机会,但重要的还是将投资决策与具有前瞻性的经济和市场前景紧紧联系起来。全球经济增长仍然脆弱,这意味着新兴市场债券收益率在目前的估值水平上具有基本价值。因为在增长不稳定的环境下,新兴市场债券收益率曲线反映的利率上升实际不太可能发生。此外,全球投资者正在将资金从发达国家向新兴债券市场转移,仍然有望对资产价格构成支撑。由于许多投资者的出发点是对新兴市场债券极低的敞口,市场走弱的时期提供了为实现长期战略性配置逐步建立头寸的机会,同时如果市场波动性持续存在,仍可保留进一步买入的实力。 Although history shows that the sell-off of emerging market bonds will ultimately lead to attractive buying opportunities, it is also important to link investment decisions with forward-looking economic and market prospects. Global economic growth remains fragile, which means emerging market bond yields have fundamental value at the current valuation level. Because in the volatile growth environment, the rise in interest rates reflected by the curve of the yield on emerging market bonds is not likely to actually occur. In addition, global investors are shifting funds from developed countries to emerging bond markets and are still expected to support asset prices. With many investors starting out as having a very low exposure to emerging market bonds, the weaker period offers the opportunity to gradually establish positions for longer-term strategic alliances while retaining further buy-in if market volatility persists Strength.