Key country calls 3
Market Calls 5
Cross asset 6
FX 10
Fixed income 12
Equity 17
Real estate indices 20
Macro Convictions 23
Hungary: easing begins in earnest 24
Mexico: gasoline subsidy, a luxury it can hardly afford 27
Vietnam 30
Corporate convictions 33
AES China Generating (debt, China) 34
City of Moscow (debt, Russia) 36
Jardine Matheson (equity, Singapore) 38
Perusahaan Listrik Negara (debt, Indonesia) 40
Petroleo Brasiliero S.A. (Petrobras) (debt, Brazil) 42
Tencent Holdings Ltd (equity, China) 44
Databook 45
Appendix: risk-adjusted return
methodology 48
Disclosure appendix 53
Disclaimer 58
Contents