It’s High Tide for Emerging-Markets Corporate Bonds at Stone Harbor

纽约总部固定收入投资管理公司Stone Harbour Investment Bardners的战略康复良好的产量和水泥生产商CEMEX发布的债券价格升值的潜力。蒙特雷，基于墨西哥的公司的市场立场及其搬迁的举措甚至更多的绘图。虽然它正在从事透法的过程，但CEMEX仍然控制着墨西哥水泥市场的大量份额，以及具有相当大的国际足迹。投资像Cemex这样的公司已经帮助Stone Harbor优于同龄人新兴 - 市场公司债券基金是一个吸引了来自机构投资者越来越兴趣的部门。亚博赞助欧冠

“Cemex was formerly an investment-grade company, but it lost its way a bit in a series of levered acquisitions,” says William Perry, portfolio manager for emerging-markets corporate debt at Stone Harbor. Cemex got into trouble after borrowing lots of short-term money from banks to make acquisitions and then finding itself unable to roll over those loans during the 2008–’09 financial crisis. “They did all the right things: sold off assets, raised equity and extended their maturity profile. Ultimately, they are working their way through a very deep trough in the cement market,” says Perry.

The recovering housing market in the U.S. offers the promise of higher growth in earnings, improving the ability of the company to deleverage and improve its credit profile. “Cemex is definitely geared to a rebound in U.S. housing,” says Perry. Stone Harbor expects earnings to rise because of cement sales to states where Cemex has operations, which include California, Nevada, Arizona, Texas and Florida. Also standing to bolster Cemex’s earnings is Mexico’s Transport and Communications Infrastructure Investment Program 2013–’18. Announced on July 15, 2013, byPresident Enrique Peña Nieto该计划包括60个新道路，七港口，三位乘客铁路，七个机场和增强功能，包括两个新卫星。投资进入该项目，预计主要是来自公私伙伴关系，估计价值超过1000亿美元。

Management efforts to implement a financial restructuring at Cemex paid off September 26 when Standard & Poor’s raised the rating for the corporation’s long-term credit, from B with a positive outlook to B+ with a stable outlook. “We expect the company to continue improving its cost structure and achieve increased efficiencies, which could result in ebitda margins above 17 percent during 2013 and 2014,” wrote Luis Manuel Martínez, primary credit analyst on Cemex for S&P in Mexico City, in a September 26, 2013, research note.

同一天，CEMEX在725％的高级担保票据中发布了14亿美元，成熟2021年。最近，2011年3月25日，该公司在2021年至今的5.25％的高级担保票据中发布了3亿欧元（41650万美元）。其大多数人- 授权的子公司CEMEX融资在2024年起，为期十岁的基准债券发布了10亿美元的债券，其收益正在申请偿还高利息债务和财政运营。

石港拥有520亿美元的625亿美元in assets under management in emerging-markets bonds on behalf of institutional investors, mostly in sovereigns. During the first quarter of this year, Stone Harbor’s $3.3 billion investment in its emerging-markets corporate debt strategy saw a 3.39 percent return, according to eVestment, a Marietta, Georgia–based investment data firm. This performance beats the 2.79 percent return of its benchmark, the J.P. Morgan corporate emerging-market bond index (broad diversified). Since its inception in 2007, the Stone Harbor emerging-markets corporate bond strategy has returned 72.55 percent, according to eVestment. This cumulative figure also handily beats the benchmark, which returned 60.34 percent over the same period.

Overall,亚博赞助欧冠机构投资者据2013年截至2013年截至2013年截至2013年截至2013年，2013年末，2013年末期，2013年截至2013年的机构投资者持有367亿美元。亚博赞助欧冠相比之下，2011年的机构投资者只占据了3.8亚博赞助欧冠亿美元的新兴市场债务。

2013年，虽然机构投资者在六月开始亚博赞助欧冠将资金撤出新兴市场企业基金，但截至年底，净流量达到12.8亿美元。根据累计，机构投资者在公司的优势数据库内对新兴市亚博赞助欧冠场债券的搜索增加，表明在未来可能导致对这些市场的更高兴趣。

Samy Muaddi，Analyst和Portfolio Manager在巴尔的摩的罗德·罗德·罗德·罗德·罗德·罗德·罗格特（T. Rowe）的统计，越来越多的新的硬币债券问题越来越多的新的硬币债券问题越来越多的新兴市场进展的一部分。他说：“世纪20世纪90年代的行业发作，致统一的双手资产已经走向了一个三重B资产类别。”Muaddi继续解释新兴市场 - 乌克兰，委内瑞拉和阿根廷等新兴市场 - 现在是一个三级资产类别，例如巴西和墨西哥，例如，在一个小普遍上交易U.S. Treasuries。“It’s a natural maturation for the [emerging markets] corporates to go abroad and borrow as well,” says Muaddi.

When corporates go abroad they are typically lengthening their liability profile, which, according to Muaddi, “is very credit positive.” Onshore, corporates typically offer lenders and investors only short-term debt, which has to roll over frequently, whereas offshore they can typically issue seven-year notes, he says. “So [going offshore] is positive both from the investor perspective and the issuer perspective.”

Stone Harbor’s Perry expects emerging-markets corporates, relative to emerging-markets sovereigns, to outperform in a bull market and underperform in a bear market, as in the latter they are generally smaller and less liquid. “There is a large retail presence in emerging-markets sovereigns through交易所交易基金，这使得它们更易于个人投资者情绪。但由于机构投资者和大亚博赞助欧冠型是新兴市场企业的买家，这一部门较不稳定。“

根据Perry的说法，新兴市场企业的债权人选区是广泛的，这有助于其稳定性。它不仅包括专门从事新兴市场的资金，如石港，也是美国保险公司;美国和欧洲养老基金拥有投资新兴市场的内部管理人员;以及私人银行和财富管理公司。这些投资者支持新的企业问题的充满活力的市场，近年来已有3000亿美元，2014年的另外300亿美元。根据五到30岁，这一问题提供了一个使新兴市场企业的范围“开始看起来更像是发达的市场企业，“佩里说。

Perhaps the biggest surprise for those new to this investment class, however, is that emerging-markets corporate issues are now predominantly investment-grade. “Many folks view emerging-markets corporates as a frontier market. It’s not,” insists Perry. “It’s 70 percent investment-grade, with the high-yield portion at 30 percent.”

Get more onemerging markets和上fixed income。