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JPMorgan Keeps Debt Technicals Positive
25 Jun 2007
JPMorgan is keeping its view of debt market technicals at positive following a June 18-20 survey of 253 investors managing $451 billionn in EM fixed income and FX assets. “External debt remains well supported due to buybacks, high cashflows and low sovereign issuance,” says the shop. JPM notes a fall in cash balances and an increase in local markets allocations as a percentage of portfolios.
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