14 de marzo de 2014 / 10:59 / en 4 años

Emerging bonds see first net inflows since Sept -EPFR

LONDON, March 14 (Reuters) - Inflows into emerging bond funds outpaced outflows last week for the first time since September, but equity funds saw net outflows for a record 20th week, banks said on Friday, citing EPFR data.

The Boston-based fund tracker, which releases data to clients late on Thursday, said emerging market bond funds attracted modest net inflows of $560 million in the week to March 12.

Emerging market equity funds, however, saw $2.51 billion in net outflows.

The bond inflows were all in local currency debt, while hard currency bonds continued to see slight outflows.

Some of the so-called Fragile Five currencies, such as the Indian rupee and the Indonesian rupiah have enjoyed a recovery in recent weeks.

Emerging debt funds have seen outflows of $11 billion this year, however, compared with $14 billion for the whole of last year. Emerging equity outflows already total $34 billion, compared with $14 billion last year.

A slowdown in China, the world’s largest emerging economy, as well as a scaling back of U.S. monetary stimulus that supported risky assets and domestic crises from Caracas to Kiev have driven capital from emerging markets.

“Emerging market equity funds in these last 20 weeks had broad-based selling across different types of fund i.e. active versus passive funds, retail versus institutional, ETF (exchange-traded fund) versus non-ETF and U.S. versus Europe-domiciled funds,” Morgan Stanley said in a client note. (Reporting by Carolyn Cohn; Editing by Susan Fenton)

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