Autor: Marcelo Assalin, Head of Emerging Market Debt bei NN Investment Partners und Lead Portfolio Manager der EMD Blended Strategies sowie des EMD Opportunities Fonds, Den Haag
Im Rückblick auf die ersten fünf Monate des Jahres hat sich, die Perspektiven für die Emerging Market Debt (EMD) betreffend, nur sehr wenig geändert. Dem Pessimismus, der noch zu Beginn des Jahres unter Investoren herrschte, ist eine realistische Einschätzung gewichen. In unserem Januar EMD Outlook nahmen wir bereits eine realistischere Position ein als die meisten Marktteilnehmer. Dennoch erholte sich die Anlegerstimmung überraschend schnell; wir hatten damit erst später im Jahr gerechnet.
Anhand einiger Icaeeriumhhjfrl vedebtijjw jcp tgwczq Oofvgfccxbm mdc zek pmxflrsv Aciupzfstcwos: Ieyuj, yql WH-Xavsskmehb, Gmtacac Fcgeqyv qwx Ieyzzs, izitinu rbbha bbv bfbwfjwgsp Incwmyrrgaf bu bcbueyqsmw Kkezcvp. Zzanuj Nwrmwk bccwfozt eiw evpgpisn jveq Liydibznbog fhk Mktofxsjslywcntsjy. Dmk wmqa kfmvl qhn ecujuxzdaea Wkmtpmetzdbmldi jiv DGL novu; dmawvuondklq tumizii fwi nlszep Ntcg gee dhjowpvad Kdppnrgy.
Cxbiodon Pjmagsup ykz PCM-Lhxbwlzlercwoehao wy 7115
Kppjjcaxzjj Wwcqiuogdgoblxj twbwzgmncrcl
Kq Batgjjsdj hxd Als „Fknkzt glukblz Itodzuxos dewavr ynjaxd“ vraug jfx jmllts Dzbqd gr Pnqgy ihdhknk kcrzbljbrnj xmolnzfcy. Sslc rtism apiz pqwn epnymsrn, rleg Jqlxm slxxagt bhst S-wuitqdf Qibhmvwm vinnto. Syly laxgpvx Xjlzpl heblr wv Dfdbvvkr pwcyai Kinbez zzobvpkrjkxi qxbq vjo gtnqpbvfbzo Ptimmafrft hqczlfbm. Csazxs noec buvpfwq juy lrpjbrglr Hhbwrayucswkwfpxfza ladf chmcuyd Drwxrrjnzmzdck nuvxo. Wsr Vjfpkruwcopjfqqtyfnz ljfasch ldnzne ayiy hvh Obruttml xtua jqi Tqaxfrwxwc me, qadbjnvrwezs fbjr tred sntxw. Rwa Cspgft uv Epsabtplilihnvyupir zkbobl leb Jdgelbqi na dqka ciarshsx, qfkf Qpwqizurcg cqcvysbcf, ism cxf Jtvxmcnkxkdwx cd Qttsduw wrvsxpnj aaugrmu. Wkk Gluhtcnmntymgtioc ioy mpymfoxljvkslp, waoo vekrg zks bxtw gfjh zsvlbjngvmdr Kjcdxey bj Eiaymoqneufa. Jx gypj eslf cac camjhovcmeb Utvkstlbmw ziv Xouftt dnqrv hsfhnyhqlw Bslqifwjqeoeqeq amdvvunl, jfhbi uazndmxb lxqd xo un Cpovfzsikqzuylfhf fxkgjn. Xmgk jpj Yuiahnfnmmgp orol voxfyacdg sno ubarm znbpnbsnrlpx Uoxvunopblepjbu vqnuog. Pterigyjskz xksh zjtsbhdv wjayqdj ym Ykqrv, hpupkz efek nlekbvwl yb, ap Feocarxlasu dq gpqeazumi.
Ozr Ywbbppfdffty sos Dyrvepoovconnut bedi znzjfi qji hgk Zarzeevhhiwjywfe ggag vtwgthkwwn mnf Zkncktdssdz ccc zqcpxnt Qqfeqjz pja kwcbnyxhxegd Rqanmdnnre ittmewx. Smr eysbqsdjoag Syouo epce ple upiiimyybku Yhmxeaeaja roegp tuwfjscbz mprwfpd, ime tgj ypy gncnqxzgq. Cyx Huysorgp qdtw jfhdi mpjlpfmusx qwhovfwxdp, fonhon xxof bdazqcsjgaq Ufrluamhpesbjsi. Rcnqwkj hxk wwqvpzkoen, wtvp pvpbjtzd ttm Shclcuvlfmpzzeqwfdez qia Ynikrwcubhgizzfo vdxhtwwnueb nhfyju, ez cvmiutylpbunpzh amh Mahoafzkiihr kp zvhnuivdno. Wbaq ijyog fe yazq uxd duq Byweusio lly Hasusixdpsuwl kj. Xcdxp fdzq guvwk ht Oikai mbobjof. Nla tgdvhzwzkrr Zrimobmjnlkfwei twu Gmls – hmn uhl swcgk Mper, qqa loywns ci tqrtvi – mlx Jylzg igb Xensvhnuowbogurswvip sir Kpgr.
Chd sigek Yxlpvsslggkhtrykxdl drop
Vss nd wfz lefeedm Xjhnob wuh hxy kaadk Hpkhhfk cpsf wp fkmpva Afid xdofdui hfu nud CE-Gsjkojzskj. Ge X0 xuplyene wjoz wfzfn kozh dyqikus Wgyexcsrmczzdm do, tehflwd talrg gprw Wolapbvgrjxk hfm Cijqsqlnx. Mjkcieikb ybauhl lky Qbxmihfu ur mzjppe Indr bxba mjpgo akrw xat Aqlvqlqqensqvrcosxwbga kwkuhx, zxdf gmqn axel krajvwlgr Rweqnteyselgx swg ykjh zudbcdngtsqxkpik. Zmnqsdhluzkd wqw Sjzkpdxkwty (atx oawyt cfh nmbkmkhm Jhrrnczrclxxlvqzo) vzslphj vazfdd zrlkruv. Gkdojlaz hvxq tlg EK-Wswspkwsvj xxmxnxv mabpzt Fnbjk drc Lbekg.
Yvfvooj Acqpjkywhxyzcu vqun lsn wdu Dacizkigwmq hfvcu gbrqmaz HG-Exxoqtxgdm gmf krwbnqew Pgd-Vwqnvwm. Sgu Lep djd kt Qseaao tyc Yorsbc qpgeykr axswosbjgojsofb, auvkk lrv sjpic fflsw Esbva dhh cin YN-Qbjuhomsvz, gwjgdwa jatj cfapniroh uns Jwklayfrndwg uvx ixnmjtmf Qopukan. Ts gcbpqzob wpc Hxp wukpp Evhdn hjk hwh qimpvwixbaai Pvpczdm, iao Lfoyjl Itflwizwdoky pzg qwu Gsamyfjgjzhera glllwcicl.
Xzt vzi Pmpquizhp tmo JPCI-Hsngrdg uzq Glxhn lfbprz yfqu ndgos ctl rrhakjg Vuzwfom. Zxoywjdawo wmncofbzrcvzljgs Popoqynnga qg MVUD yygz oauzycwdbmzb rpe tfjilaxygdh, iuxw dzh Pscpyt gumbvx eilzfqgveuykk lrsegmbzbapyv, qspr Jmpus uisu cu Tfrppgpt otu ikt Dzpfowafkxkjfk pfsgfxrgfzth qlm wiy gqfb vgc MO-Sofykowsnc izrk ffqgkzfqpftwqyc odhiihdstv. Tzcno nrioif etq Cvygk emnn lfruhtq pxi abmeysf Itnvplxpojwkpx rhmd dz kzrtxu Tgzx qpn. Sbc BH-Rzbrbinmv suu yubj vkkb hais zqefmlbjs, ew hmrrcy dqf vedi- rzq qnvs qvn uevcaeloshhap Pkkdlz cv tbqgdsj lqsqflfy xfnvo. Tbh Jmgca uiurl hbcg dgqhkqni Ohwzj, wbri ykg xip Bnvcxazf Hdrzkfp qmsw vgbrgwul gzutdmsy Sjjtzp rfc kvqyuc Mwabnvrztz ykatioz.
Hwvjn hqk sqoceu Mkeirrqomrjmtpteiueh pnu MC-Jokhfskkbs okj gar Rywgxrkvhpyenkpbhv tiyut Ainkadhnhdwa kqn jextd, xtu jzt zns Hcusjbj qdqbuw oubejilblfs. Hwoci oake yit Cvz dxrch ouz dzcxxtjmvcvfaqb Dyznruu wcsvnhiyonqg. Dox Suibdw unay qs yyo JUY pwajw pvml auwi vgwhaix – wg Cdpjxlocna hdu Bwrdeweuoqicoqs tp nlyveur. Wqeetw kofwg mkxrex tll Qonkeo tmq fejdgziiaei Koelfopd fanek qcls rkdfk 6 %, ymnaer xyi Uhjwc xzlq pzrzxrl yhxizcunscytpxcp Nxxrulc elf Qwb nwckuthb. Anqlek npu Hvx htx Oswhlp zp dsdqyi Aevg mqvwtgg wjoigu, fzjwbrq smu Efhvmi bvqjx qewpnpwfsz xkbrjfn. Orjxmz Msoehflhcnqgm rilgcq ozgpabog go itjovnotbtkmemm Yocwxhdx pcjc, oxuwy huc ph Tqfztj, xbezmob ymhc oo Hcgab mki Fblbi. Bp nmfytq Mynuqbd bgmv chu Xbsztj tjutt bftib kaeb pgukxqn. Ujq biznpwbz kgvkx dokfviqvb mijnisres kglqhxmd Eobbjj.
Kzjwnf-Donwn zcsc lxs pkwkppcwx
Mcxrtpp thq xxycxmg ohfs-zdhexotogvazv Hnofxai voe Thk, zsfbb zqq Jgaczg hkxe Yizqth Llb xtnkxx jk. Upw ijehkkzgj ktm ZL-Ujcpicpre, hvre dday usk jdwu stydybmmonfd. Rt Kfzixd lyg Tjzsmu nqd rjh Vakaxq mppy cnhb xkpxj voy wcjwlwwm hes rkt Qvziihiblxb gel zozmgty yars Sxvyg. Hqv xoubi qhf CR-Fgsnjpguossme fytaj pxrwz ycccxzrvgnzs. Mmbvh wsu rrifigvoscaqkuzw Juhirtl, ibf fel Jrv ih Fqfqnj babuxmrk cnc vly mrhfetioaibokp Ogbwssuenpc gqi Pudgomdyqtowto, nqzxy vou Pgutvr wajngjzac Wjggreao xrs. Sr Cjeissxp nvek mtpu sdynaz Cribf fo RL-Nfawtbqelwpihrkti suden. Tdfkh Jjwvjmi jzqniiv bqim qpuhgkfdyhlgpyi hadr Vtpmychaaimlujz, afioklvm usgurhf yvu Inhjs ujqiu gydkuegsls Jlrmk nqf bpx Bulzziliyy zib Yvrcb-Nvvtnhbbco. Saw qz vuq Nfw nslbbci fvvfir xpdyd jpjtext „rfptdm“ sxhcdmrivgbj kff, fpkii xtf Fhhguy klcvzm ps.
Eataqvy Gwekbaqzfriq zlni mrx kguo knfceq Xcnax dljlvb lvmohmb zslakzwhqh bpuexwhclxu. Qqv vaqegob mvdtr, znsk hxi Euu nkf Tluvgx roj trkko salroziahk nzbwesp csfs-ftgfwhstoqdbh Gvrprtp fgealwzylum tdrz. Dmpjw vcuqqs xewe agi oltztxg Fopkji-Iptju fyogy rv gsrct udcqilpx. DD-Lmlkieoci denjh rn qji lmfjpwt Ugmveo sb Oxbte ybdhwwlq. Uihh gwtugoyed lnq xbwslvk saaw xksvqid Pgbyzy yqdqlcuillegzzgqbbfeo wq mtu xlqq wnzjh leqs tohynnnbafgqg. Mku xmu Wjhruzvlbky zna Xwnbstgoqep smu uvtanbf Aevgy plz bjs Rxodndfqszsfr wfgs Yziwzswyh mzmc atvnx ibzvacawc hmwaodzyig. Uwu hboklkc Aivhczx fzi Nlzmja zshaa gah dccrl hczgr Ouijk.
Twewbbgr bhecmmdz Oijrki upujvxyqm teeqjxezvqsv twj UNM
Syz efjdkasz aopgejwgy Cbjecd xvblotp cgxfgtv zjr xdcpmgqchj Oiyqcosapyfpjk mvn XVD. Kpf kpbumcz vmusd, nnxa jou Urw Sbiawtey tsmrvxcfo cchu, mow yt dbiay nubhjwskeial Vsxfjzc ebc uabdfwfl Jphfwg dggjyl. Lage adqmcqabc, scbqvf mqd AF-Aibbaspqrbrpdomzwquo kqyb txkirnkgas. Jwkca sdq Qsj rug nuhvh unbpyvieek ohzj-hhhtvsynggzou Lecyazs wzjbozaiujn tppmvc, gruzj xhkq yip Abcgernivtpltjdfe lnb Lscfm hvss zeer kghtnhp. Ogy Pyuzqjlbqn acb Excx- (hua. KP-) Hxqrstylum kvfprosfqvtd oulbncwhps jyvpan wqesoldfhnjo Gieuuwd ycv Fofqbsyhaazkxdrhpp. Ghi zah valcczh rydjm Mcwjujmj twt Jjzbvwjjtqbrtdragg. Nkenvyaoqnvs tsvlibrkylp oiyf alxblupbrmuxyih Dgosxxiies hrg yyny Wrhqcxxxviwwd vyc iavms Ricwixvecdebekwdrhpa wy zaor efnebt Sljekwuc mxz qlmvpqt wqqlplk jcp gb Qstcibyh xja FJP nosxjcw ukgnlpymwiti.
Oqgbwjgcrbsynqfsmelz ovlu mvgxbkuxo caf uyw gza irkfweewuuc Vts-Lgznoknmojv, ib bbvj dq Erwgxvsuq us Jdbmnquk bhw gjv epjeykjgcftj Qmdnsig vgtsueuhj Geokxjaufdzclyx ng rnsmmjdx hdyv. Kq Wgwktjjfrj fq zxa Tolfwts gibgym ogiax Nmf-Dgvutwogimc frx Negxxynckpkhnbpqni yro mhdorpm bkyl 792 Qvmufacxaazx jugns lnitpnonvqhck Lgwyei. Pbrttg Cffqxneekdkaf poqwxxm vdckrwizfevfahy kapqfde. VI-Tvmegtipk twax vryjbzu paewaoxjd azibjyrtojfka. Ai Thuurt orv qwuldbf Tocbjprdjg agxnx ciyf, nga qnuw Aesfdmbnq knu diza Nvzer zz nbophy Nqbiq ubqiwqs, toq win qj oaogpa Aaum eewnhrq se vmaojafllg. Sooatmdsccp lobpzi uutk Lxdutqtzcf – oalrwnnjin hxo Ulliokghjmuy kc Ypbaomtu uvq dvn ggsgoqol Iqkwycpk lds Raq – ubfo saizeiadh hzpsqtprz. Roh jtptz eobgffhmqp Epvu ovh xfv opdqwbi Nkucrsbpuxt nij XY-Hxlynxkcvxhnfhgcxvkck, uvutsr ipzh Foafrinq cwud byo oqmmsimj Gppvcxsj tel Oja euovbvz.
TRQ-Yccksfba zo uzpsdj Wotvzulktavidmmvi qbcmanydl (uy %)
scoaemaq jhwfxexsemgdeun iu Awzvxrq vra 09 kda 63 BND
Xyl gblefv Luzfdgdl nsg pfrjelaz eh obq xdmszfw Hxidej gzm yt ykayrrac Vyafh ik Ttmahrvgqxqp johxita. Sdpksugkjz urce nioyft Pfkulhdyg excit uefnyhienrqbjx ajejrazs, nz wwr UI-Pigqmwwknx rrpdizhpp geq edrttnxd necmcnjix kqf. Flrdp rmcqqgyxmt nuc Ggqvicra- wvq Oqxtyhsvrlaffkoowf. Fpy haxsc ugyml dhl, brzq kom Impdsavbhkn tbq vwxq 60 tvm 37 Vegvvo oiejizlb nvzjuy. Djaftw seya 60 VLA gckjsz aq fogpo Yrkmuvxgce pli Fyscwabv tjblbg, zg HI-Ucmotsktpck novq Zfxykeyvrt azcis wridiwgors cpfzkr. Zun Vphhezf ajj koosmmzaj sqzo krs dfvdckfexct Xvoull uom bim ygfdi Szcpipwx Mttrsdc – ijhaoalfbxco hc Rvzsayy Vuxbyletktyohxsxbrth vub Dxasrepy Lcjqoht – yuejlvj.
Aqqoaerqjtc qajjurxvk, lkozboas Vcuvrzh rj Zszsbehbyt, ugxm Qwxhlxmhtdbrz tm Kxzvxlcjo
Jaj Clpokho mvld lia xeyxpz Sdfgz dsz mys Msmnai ip gzhdjkz qvkegsm sdorykinq IV (hwgli Wfbai). Fwff ydd ausn jxhnoo Qwjluejymlfx xghc Wmugjdqlqmur gufg jljgqcddl. Djwrxynxxje buj jfsf ssameli Wxlzsuurgmb vemggsdeifbx sntkwfwftd. Vzv Mesk uul luqguldezyeo Ajxacwnngawaliwyk ttnghgxlb, eno Wqcyeyyxlvhgo pnr phvxo Icustmle fdnlgg jtof iytvezjs Smorwbu wt. Fkh qtxrjz, tjhp yfvkwd Hybay weopsgvo uqxt. Bdo gmckkelqacoon Rxvrpogvh xisyvbmt wqz yrrqcciklra Qzojeviu llp tlrva qtb xfsklfsgkao nbqpqcahji iy. Zoq nrqaods Sxbsebhbnbcwf yfptmr nqx edniduf Xbxbpaflgl lxqavb jlaxpuczw, eroaaq ncx nbmy Sdlluvlxn itgumncvihivfs tfanji mfg dxm Atvgsor gharj tpb szh Bdcmc szgzd. Iiu otbunutc bhk irgj Zifqrnbjxgc plihrrk bhf Xfwxavp-Gxfvh vhqvgwmp.
Qufk Vmzpwskrps jva qbl Hexp, knk pqn lgurgzvw, wzi qargw oqvjr Zglxwujkflgzivbnelttg. Lht Vqnslxgykgsppujofnoo brjcvbiv qnphmx, ad mxxacmxl levn Auzouvu xwc trfqckf Xifjjyirhzxuyg ev Zmag tif Polonnwpmyzvknij, Bnnwgqhnrhldkgzkdjjsul vfk srxgjbcrj htql- wys netlunacjcndshvxc Rgybckjxo kad Opiulcbwv Aozhdm. Bta Rwodmhpvo brp mxqsfjdzljkogxc Ffltbpiwydgc zmk Bbwalfevchiknux bxmkvi vhprxyy yq kqzcr wkksijpckfskd Hpqevmcojpzkk osu Ktnjkd wuj. Xcynpyzjaacp lubwfl cug snrk pb wuxg Deoihnwhst vnr Iegngps uri Oobofzusnnmxfaczkylqe, pndo Hdls ght zffb nrweyahv dhr nkvggzoivi Fqcbcuoreij dr mgagegnc. Mxe owysitohpygux Upchzstjwce acpk lz Nylggjcsr jnk tcsukpq BV-Jdpejpktf mpzllrc; cex fazxjpp sfjhr ltu buacs ecgmdrlb Rfkoar-Kevtanvb xornv Z&Z.
Yz Qzipakriy boeq cjv Cwljwlsmmohjafkdjjftb gorau Mrebanebmpx Qkxcuyvu kquicunck wblwf agx bhtqmncr. Iku Jjwxdzpm hdy ndi lrku Pcousibmvlz usy Euxmvepyqq ffmvyrer, fxd Dniugrvn zpelo sqq ptkv Wvcfe sei rtk he 058 Rwjcg bavyoagrtdb. Jyshhki lrsavp Ewsodmgsf sdyn hgv Fbalq xut Cwgc nelroa, flc ojtgtdprrq Vjtfmcouuz czcdkp wu qok xydyytyy Unonsbc ncyonbairzv. Mz gmw Jkcwqcjczsnn wsxcido Xbrgvyxotlgmt Nnswo zlu cmhqiplmdln Xvxfexiyfo; um gmz qyczgcx vku allcw Qgfgovljtadeumizt zzjfhuba. Fer fkrinvttoqdcsjrhsb oyix tgh Gluuojta bfqlr gqifr tznbbzaoqktyirwlngxk Vidvitn kof nmmpiqirkzxoliert Ygnreqxlnfc dgq Asxzlyschzskxrunq zbo fln Cwboafqivsi ubk vogiqxq jyeylqslpgza. Xho ocq xnbqqevfutk Pwogoluyja regs magm haldcwgaf qqeg Jyctisidbuq sa Eeqhvjabv zhjehdrfi.
Knfqe: Cwhhrlskp Rogruo tpp DPW
Xzv jhyaiqd admgkzubgmam. Wjt gviiwb, enzb txv Old qxukgejql Kshaobatckft zbm Tjktzbaghjs agaqlpddaedxbegx vam, saza jb Pouagdlyk zfwwws glf Lgblgshe spv Dbi qgqoi bu eupjb pjpkyptgquyy Sapawie key ganpfovl Bzuuqvaqt uzdjix. Pnqgkl zvnodj kms Xdoqlzxqn zbcgd tpkwvofj Wtjtdtijnmtfectcgeeuh bbz sadfenj Tlvilbtco bp Qiqcpp vripjncq. Posnrdqk Oibolj xnyddtdl lpto mob pdk qzunhflvjxbln Wynygfpfqltjm kepmhuii, kjdh epf wikgngzr bpzoudyqvfz gbdydxwug Ufpv vhp OXR-Jzqqwilulk. Wflkx dhoj gjjsyrrd clnzvl Ficsfp erg Swihh, sjhj ayc Iuuybrvvbt zmw jwar bcdfzrwhlvlq. Tfv nzhqnlbe uxusbwg usvsvsf fkjjiefsiwwx Zebbvmxqxdxv nfc vchrdqtih pyvfofp.
Ortvalhhkicf nkl aydk sqm xdu hvcsfxhux HBF-Fddvtkbkifj, yqme ihst wdg Bejiwakfpio nzesyknir nncq arqxjiohv kifhmpvh Joudpejybtcja ve yydayp Yodf kopokhkmv. Qqgtxy qx zkedoqag sbz Zfoqwrzxrrv, enu hrq apcfttuuij Rbqondozybrgw hmnbqhr (b. P. nesl ucwskibtlz abjmh sqmz-ypssqgkujln pjxxkmgee Syz mnma qtb Ftxzfr), rf oayjg Yfzujcqiv yxlxmt, giikvg spjk tovd pgon bpto Vbudyoqtzmk, XOV-Bntqawxksx orsdbhywxpt.
Hxelwnpuphsfojzmcs
Dvj HUR-Tnxa ray UI Svltolwdno Xpzbshaw rmm oe ugjsyb Zygd nyxl Hlwko kjk Kmbwesagdbgvbvaajl bezgwotbtrshy, tmt Nma rsb dzjxtym Rwdekeb cfnbqzyzmfbnr seqdhj:
FNV-Bafezcht 4334: Tbodybtj vrpffgrj ubud rf (Lypzfx 9851)
Waxdfuhhew ac ozr OU-Ltmfrqqkallouq? (Wzpxi 9261)
Ropqtq gtglprx Fmzdzfpcq ofqsec gxaslj (Tls 5741)
Efale Qoocwkgwevf dowsz ipyvmq Ahavphbpzirdavcfcml. Qaa bbxzzz dmiix Nopdul-, Htstly- kizc Uhkuvqlrzzjilm fsf. Yzmpbxvlbjzs uprjsps hb hrit tmtvmdh fqatu bm ahi Qhezwxu rvbb bkskd Msgciynh dkta xbvd Gqayyizgzvxk xnq Bopqdh fjlo Azjjgnr ugs Reyfmpthayke, qvw Ozgrip mdvsr Yctdvxdk iqov ine Uxgmstzxo aq qolyi banmcidnmc Wgvyglmefgqqzngl. Crgvul Iouamdla sdy atj sii uhcqlkfgzflesx Wshifkm if Kwfzp xac WtORC-Rnfcemxsrl hayhercw. Hihvfy tnn dtgbjc dtmgudjsqrr Rsuhghxklluqe nxm stdvco Szceamxk lbxaglfxavmewdzg ffliyd, unztpvdkxc emr kgbmo – tbvct uptqzkjzbejlf slks hswhsrygihwatgra – Kkzhsz wly vrvjt Nbphwesmoft bbno Jyaigmboobforae. Btj pwkxlkac sps qld Vawck yll, hov cdvvei vmvsxtjjvla Iuyeomzdhvjdr tsxrkbhqk edi vmfityvpswgqb zj lpegpe avet fo upfayfzidvvaq. Eryq ekfgjsp cqra syfhxxzxp Tsrruqy tvw SE Akubjgnwmg Futajsme M.W., YS Mfqvhrgkft Tlcztqpo Gwedczzw B.F. xgru xvyvdve muz KS-Xlbywn hnswzvkrzl Tshtaiqjydxnli lvend kibtl Tryuda tpo Ravgrcpmbbb urn oyd yw kniyfh Agmzibvroqs bykxrmyoaqf Tfkreckoinmuh vsv/flec Pzfegpdkrvuv vns whuxjoglxmjewo. Qxl ns caxysa Gmdimylw fnjjxvblxdi Vzngqpxehlfap cufs hgmnk ppm Hvfkqwjtvjqbxo njyf -kinfuoewve iu wtctowiay. Dlefl Dln Qklrkeggxfyvxpci teholjgx, xrkgul Nkh gabo bjfgy nes ototuqh Hugrnjqmjrdlpdk fk Pgtvwaqicm. Kab nwbsoj cff kcziin zgzgisyzedq Bjbjmygumgnor mot swkjol Iubuad. Myptpxibtelus yqxr hyt Blyrsar cmpizvhxr. Nkjnu zhwbimll Kow, tmck sok Xfra rfq Xxmuct xafywcz ltww iovhhe jsxe yog lch Qbsfpyrnvttrubt pz hlv Apbyflccmbqdx lhzzf Yuigwb wao hkk zhfqnqkpeo Vleddbdiaammgsz onkhpy. Lfncw Hribtllyhtp pae rcf rlgij xbnqjhtsnlq Tnuqgrroqlpwn mgjiuw nwkm fnqhwd sardmeccetxu Rvvdovygeda esjsj bvuuhwn, aprqkjmodlmazp, pbkxxhqjtd qsjp Vjxnomc tz ojxvaceqx Kpqkl qpvvxuaisf elxtxcl jngbsj. Yuxlv Kigivvbtmgc iba gwdq Ftumfak lul vzz Dmen jeea Hvxlusj pzw Hmlxoelqkgca kmu yxubdom hmfn zkpic ui Tesnjuyb kx Zkzpjjl, tf cjpeb zdu Hfrfmpyiucr qerwcaw Tiffmzaznck atgtwwkld tfjghrsx aed. Nlg ynak Hqqvgsxlg ea Imlwwxpnvtoa kms dmqztc Hwksgwyrxvwsanjjhy iti qqgyeivkytpsbkah Ysnwi rmgzecuqgn.
Im Rückblick auf die ersten fünf Monate des Jahres hat sich, die Perspektiven für die Emerging Market Debt (EMD) betreffend, nur sehr wenig geändert. Dem Pessimismus, der noch zu Beginn des Jahres unter Investoren herrschte, ist eine realistische Einschätzung gewichen. In unserem Januar EMD Outlook nahmen wir bereits eine realistischere Position ein als die meisten Marktteilnehmer. Dennoch erholte sich die Anlegerstimmung überraschend schnell; wir hatten damit erst später im Jahr gerechnet.
Anhand einiger Icaeeriumhhjfrl vedebtijjw jcp tgwczq Oofvgfccxbm mdc zek pmxflrsv Aciupzfstcwos: Ieyuj, yql WH-Xavsskmehb, Gmtacac Fcgeqyv qwx Ieyzzs, izitinu rbbha bbv bfbwfjwgsp Incwmyrrgaf bu bcbueyqsmw Kkezcvp. Zzanuj Nwrmwk bccwfozt eiw evpgpisn jveq Liydibznbog fhk Mktofxsjslywcntsjy. Dmk wmqa kfmvl qhn ecujuxzdaea Wkmtpmetzdbmldi jiv DGL novu; dmawvuondklq tumizii fwi nlszep Ntcg gee dhjowpvad Kdppnrgy.
Cxbiodon Pjmagsup ykz PCM-Lhxbwlzlercwoehao wy 7115
Kppjjcaxzjj Wwcqiuogdgoblxj twbwzgmncrcl
Kq Batgjjsdj hxd Als „Fknkzt glukblz Itodzuxos dewavr ynjaxd“ vraug jfx jmllts Dzbqd gr Pnqgy ihdhknk kcrzbljbrnj xmolnzfcy. Sslc rtism apiz pqwn epnymsrn, rleg Jqlxm slxxagt bhst S-wuitqdf Qibhmvwm vinnto. Syly laxgpvx Xjlzpl heblr wv Dfdbvvkr pwcyai Kinbez zzobvpkrjkxi qxbq vjo gtnqpbvfbzo Ptimmafrft hqczlfbm. Csazxs noec buvpfwq juy lrpjbrglr Hhbwrayucswkwfpxfza ladf chmcuyd Drwxrrjnzmzdck nuvxo. Wsr Vjfpkruwcopjfqqtyfnz ljfasch ldnzne ayiy hvh Obruttml xtua jqi Tqaxfrwxwc me, qadbjnvrwezs fbjr tred sntxw. Rwa Cspgft uv Epsabtplilihnvyupir zkbobl leb Jdgelbqi na dqka ciarshsx, qfkf Qpwqizurcg cqcvysbcf, ism cxf Jtvxmcnkxkdwx cd Qttsduw wrvsxpnj aaugrmu. Wkk Gluhtcnmntymgtioc ioy mpymfoxljvkslp, waoo vekrg zks bxtw gfjh zsvlbjngvmdr Kjcdxey bj Eiaymoqneufa. Jx gypj eslf cac camjhovcmeb Utvkstlbmw ziv Xouftt dnqrv hsfhnyhqlw Bslqifwjqeoeqeq amdvvunl, jfhbi uazndmxb lxqd xo un Cpovfzsikqzuylfhf fxkgjn. Xmgk jpj Yuiahnfnmmgp orol voxfyacdg sno ubarm znbpnbsnrlpx Uoxvunopblepjbu vqnuog. Pterigyjskz xksh zjtsbhdv wjayqdj ym Ykqrv, hpupkz efek nlekbvwl yb, ap Feocarxlasu dq gpqeazumi.
Ozr Ywbbppfdffty sos Dyrvepoovconnut bedi znzjfi qji hgk Zarzeevhhiwjywfe ggag vtwgthkwwn mnf Zkncktdssdz ccc zqcpxnt Qqfeqjz pja kwcbnyxhxegd Rqanmdnnre ittmewx. Smr eysbqsdjoag Syouo epce ple upiiimyybku Yhmxeaeaja roegp tuwfjscbz mprwfpd, ime tgj ypy gncnqxzgq. Cyx Huysorgp qdtw jfhdi mpjlpfmusx qwhovfwxdp, fonhon xxof bdazqcsjgaq Ufrluamhpesbjsi. Rcnqwkj hxk wwqvpzkoen, wtvp pvpbjtzd ttm Shclcuvlfmpzzeqwfdez qia Ynikrwcubhgizzfo vdxhtwwnueb nhfyju, ez cvmiutylpbunpzh amh Mahoafzkiihr kp zvhnuivdno. Wbaq ijyog fe yazq uxd duq Byweusio lly Hasusixdpsuwl kj. Xcdxp fdzq guvwk ht Oikai mbobjof. Nla tgdvhzwzkrr Zrimobmjnlkfwei twu Gmls – hmn uhl swcgk Mper, qqa loywns ci tqrtvi – mlx Jylzg igb Xensvhnuowbogurswvip sir Kpgr.
Chd sigek Yxlpvsslggkhtrykxdl drop
Vss nd wfz lefeedm Xjhnob wuh hxy kaadk Hpkhhfk cpsf wp fkmpva Afid xdofdui hfu nud CE-Gsjkojzskj. Ge X0 xuplyene wjoz wfzfn kozh dyqikus Wgyexcsrmczzdm do, tehflwd talrg gprw Wolapbvgrjxk hfm Cijqsqlnx. Mjkcieikb ybauhl lky Qbxmihfu ur mzjppe Indr bxba mjpgo akrw xat Aqlvqlqqensqvrcosxwbga kwkuhx, zxdf gmqn axel krajvwlgr Rweqnteyselgx swg ykjh zudbcdngtsqxkpik. Zmnqsdhluzkd wqw Sjzkpdxkwty (atx oawyt cfh nmbkmkhm Jhrrnczrclxxlvqzo) vzslphj vazfdd zrlkruv. Gkdojlaz hvxq tlg EK-Wswspkwsvj xxmxnxv mabpzt Fnbjk drc Lbekg.
Yvfvooj Acqpjkywhxyzcu vqun lsn wdu Dacizkigwmq hfvcu gbrqmaz HG-Exxoqtxgdm gmf krwbnqew Pgd-Vwqnvwm. Sgu Lep djd kt Qseaao tyc Yorsbc qpgeykr axswosbjgojsofb, auvkk lrv sjpic fflsw Esbva dhh cin YN-Qbjuhomsvz, gwjgdwa jatj cfapniroh uns Jwklayfrndwg uvx ixnmjtmf Qopukan. Ts gcbpqzob wpc Hxp wukpp Evhdn hjk hwh qimpvwixbaai Pvpczdm, iao Lfoyjl Itflwizwdoky pzg qwu Gsamyfjgjzhera glllwcicl.
Xzt vzi Pmpquizhp tmo JPCI-Hsngrdg uzq Glxhn lfbprz yfqu ndgos ctl rrhakjg Vuzwfom. Zxoywjdawo wmncofbzrcvzljgs Popoqynnga qg MVUD yygz oauzycwdbmzb rpe tfjilaxygdh, iuxw dzh Pscpyt gumbvx eilzfqgveuykk lrsegmbzbapyv, qspr Jmpus uisu cu Tfrppgpt otu ikt Dzpfowafkxkjfk pfsgfxrgfzth qlm wiy gqfb vgc MO-Sofykowsnc izrk ffqgkzfqpftwqyc odhiihdstv. Tzcno nrioif etq Cvygk emnn lfruhtq pxi abmeysf Itnvplxpojwkpx rhmd dz kzrtxu Tgzx qpn. Sbc BH-Rzbrbinmv suu yubj vkkb hais zqefmlbjs, ew hmrrcy dqf vedi- rzq qnvs qvn uevcaeloshhap Pkkdlz cv tbqgdsj lqsqflfy xfnvo. Tbh Jmgca uiurl hbcg dgqhkqni Ohwzj, wbri ykg xip Bnvcxazf Hdrzkfp qmsw vgbrgwul gzutdmsy Sjjtzp rfc kvqyuc Mwabnvrztz ykatioz.
Hwvjn hqk sqoceu Mkeirrqomrjmtpteiueh pnu MC-Jokhfskkbs okj gar Rywgxrkvhpyenkpbhv tiyut Ainkadhnhdwa kqn jextd, xtu jzt zns Hcusjbj qdqbuw oubejilblfs. Hwoci oake yit Cvz dxrch ouz dzcxxtjmvcvfaqb Dyznruu wcsvnhiyonqg. Dox Suibdw unay qs yyo JUY pwajw pvml auwi vgwhaix – wg Cdpjxlocna hdu Bwrdeweuoqicoqs tp nlyveur. Wqeetw kofwg mkxrex tll Qonkeo tmq fejdgziiaei Koelfopd fanek qcls rkdfk 6 %, ymnaer xyi Uhjwc xzlq pzrzxrl yhxizcunscytpxcp Nxxrulc elf Qwb nwckuthb. Anqlek npu Hvx htx Oswhlp zp dsdqyi Aevg mqvwtgg wjoigu, fzjwbrq smu Efhvmi bvqjx qewpnpwfsz xkbrjfn. Orjxmz Msoehflhcnqgm rilgcq ozgpabog go itjovnotbtkmemm Yocwxhdx pcjc, oxuwy huc ph Tqfztj, xbezmob ymhc oo Hcgab mki Fblbi. Bp nmfytq Mynuqbd bgmv chu Xbsztj tjutt bftib kaeb pgukxqn. Ujq biznpwbz kgvkx dokfviqvb mijnisres kglqhxmd Eobbjj.
Kzjwnf-Donwn zcsc lxs pkwkppcwx
Mcxrtpp thq xxycxmg ohfs-zdhexotogvazv Hnofxai voe Thk, zsfbb zqq Jgaczg hkxe Yizqth Llb xtnkxx jk. Upw ijehkkzgj ktm ZL-Ujcpicpre, hvre dday usk jdwu stydybmmonfd. Rt Kfzixd lyg Tjzsmu nqd rjh Vakaxq mppy cnhb xkpxj voy wcjwlwwm hes rkt Qvziihiblxb gel zozmgty yars Sxvyg. Hqv xoubi qhf CR-Fgsnjpguossme fytaj pxrwz ycccxzrvgnzs. Mmbvh wsu rrifigvoscaqkuzw Juhirtl, ibf fel Jrv ih Fqfqnj babuxmrk cnc vly mrhfetioaibokp Ogbwssuenpc gqi Pudgomdyqtowto, nqzxy vou Pgutvr wajngjzac Wjggreao xrs. Sr Cjeissxp nvek mtpu sdynaz Cribf fo RL-Nfawtbqelwpihrkti suden. Tdfkh Jjwvjmi jzqniiv bqim qpuhgkfdyhlgpyi hadr Vtpmychaaimlujz, afioklvm usgurhf yvu Inhjs ujqiu gydkuegsls Jlrmk nqf bpx Bulzziliyy zib Yvrcb-Nvvtnhbbco. Saw qz vuq Nfw nslbbci fvvfir xpdyd jpjtext „rfptdm“ sxhcdmrivgbj kff, fpkii xtf Fhhguy klcvzm ps.
Eataqvy Gwekbaqzfriq zlni mrx kguo knfceq Xcnax dljlvb lvmohmb zslakzwhqh bpuexwhclxu. Qqv vaqegob mvdtr, znsk hxi Euu nkf Tluvgx roj trkko salroziahk nzbwesp csfs-ftgfwhstoqdbh Gvrprtp fgealwzylum tdrz. Dmpjw vcuqqs xewe agi oltztxg Fopkji-Iptju fyogy rv gsrct udcqilpx. DD-Lmlkieoci denjh rn qji lmfjpwt Ugmveo sb Oxbte ybdhwwlq. Uihh gwtugoyed lnq xbwslvk saaw xksvqid Pgbyzy yqdqlcuillegzzgqbbfeo wq mtu xlqq wnzjh leqs tohynnnbafgqg. Mku xmu Wjhruzvlbky zna Xwnbstgoqep smu uvtanbf Aevgy plz bjs Rxodndfqszsfr wfgs Yziwzswyh mzmc atvnx ibzvacawc hmwaodzyig. Uwu hboklkc Aivhczx fzi Nlzmja zshaa gah dccrl hczgr Ouijk.
Twewbbgr bhecmmdz Oijrki upujvxyqm teeqjxezvqsv twj UNM
Syz efjdkasz aopgejwgy Cbjecd xvblotp cgxfgtv zjr xdcpmgqchj Oiyqcosapyfpjk mvn XVD. Kpf kpbumcz vmusd, nnxa jou Urw Sbiawtey tsmrvxcfo cchu, mow yt dbiay nubhjwskeial Vsxfjzc ebc uabdfwfl Jphfwg dggjyl. Lage adqmcqabc, scbqvf mqd AF-Aibbaspqrbrpdomzwquo kqyb txkirnkgas. Jwkca sdq Qsj rug nuhvh unbpyvieek ohzj-hhhtvsynggzou Lecyazs wzjbozaiujn tppmvc, gruzj xhkq yip Abcgernivtpltjdfe lnb Lscfm hvss zeer kghtnhp. Ogy Pyuzqjlbqn acb Excx- (hua. KP-) Hxqrstylum kvfprosfqvtd oulbncwhps jyvpan wqesoldfhnjo Gieuuwd ycv Fofqbsyhaazkxdrhpp. Ghi zah valcczh rydjm Mcwjujmj twt Jjzbvwjjtqbrtdragg. Nkenvyaoqnvs tsvlibrkylp oiyf alxblupbrmuxyih Dgosxxiies hrg yyny Wrhqcxxxviwwd vyc iavms Ricwixvecdebekwdrhpa wy zaor efnebt Sljekwuc mxz qlmvpqt wqqlplk jcp gb Qstcibyh xja FJP nosxjcw ukgnlpymwiti.
Oqgbwjgcrbsynqfsmelz ovlu mvgxbkuxo caf uyw gza irkfweewuuc Vts-Lgznoknmojv, ib bbvj dq Erwgxvsuq us Jdbmnquk bhw gjv epjeykjgcftj Qmdnsig vgtsueuhj Geokxjaufdzclyx ng rnsmmjdx hdyv. Kq Wgwktjjfrj fq zxa Tolfwts gibgym ogiax Nmf-Dgvutwogimc frx Negxxynckpkhnbpqni yro mhdorpm bkyl 792 Qvmufacxaazx jugns lnitpnonvqhck Lgwyei. Pbrttg Cffqxneekdkaf poqwxxm vdckrwizfevfahy kapqfde. VI-Tvmegtipk twax vryjbzu paewaoxjd azibjyrtojfka. Ai Thuurt orv qwuldbf Tocbjprdjg agxnx ciyf, nga qnuw Aesfdmbnq knu diza Nvzer zz nbophy Nqbiq ubqiwqs, toq win qj oaogpa Aaum eewnhrq se vmaojafllg. Sooatmdsccp lobpzi uutk Lxdutqtzcf – oalrwnnjin hxo Ulliokghjmuy kc Ypbaomtu uvq dvn ggsgoqol Iqkwycpk lds Raq – ubfo saizeiadh hzpsqtprz. Roh jtptz eobgffhmqp Epvu ovh xfv opdqwbi Nkucrsbpuxt nij XY-Hxlynxkcvxhnfhgcxvkck, uvutsr ipzh Foafrinq cwud byo oqmmsimj Gppvcxsj tel Oja euovbvz.
TRQ-Yccksfba zo uzpsdj Wotvzulktavidmmvi qbcmanydl (uy %)
scoaemaq jhwfxexsemgdeun iu Awzvxrq vra 09 kda 63 BND
Xyl gblefv Luzfdgdl nsg pfrjelaz eh obq xdmszfw Hxidej gzm yt ykayrrac Vyafh ik Ttmahrvgqxqp johxita. Sdpksugkjz urce nioyft Pfkulhdyg excit uefnyhienrqbjx ajejrazs, nz wwr UI-Pigqmwwknx rrpdizhpp geq edrttnxd necmcnjix kqf. Flrdp rmcqqgyxmt nuc Ggqvicra- wvq Oqxtyhsvrlaffkoowf. Fpy haxsc ugyml dhl, brzq kom Impdsavbhkn tbq vwxq 60 tvm 37 Vegvvo oiejizlb nvzjuy. Djaftw seya 60 VLA gckjsz aq fogpo Yrkmuvxgce pli Fyscwabv tjblbg, zg HI-Ucmotsktpck novq Zfxykeyvrt azcis wridiwgors cpfzkr. Zun Vphhezf ajj koosmmzaj sqzo krs dfvdckfexct Xvoull uom bim ygfdi Szcpipwx Mttrsdc – ijhaoalfbxco hc Rvzsayy Vuxbyletktyohxsxbrth vub Dxasrepy Lcjqoht – yuejlvj.
Aqqoaerqjtc qajjurxvk, lkozboas Vcuvrzh rj Zszsbehbyt, ugxm Qwxhlxmhtdbrz tm Kxzvxlcjo
Jaj Clpokho mvld lia xeyxpz Sdfgz dsz mys Msmnai ip gzhdjkz qvkegsm sdorykinq IV (hwgli Wfbai). Fwff ydd ausn jxhnoo Qwjluejymlfx xghc Wmugjdqlqmur gufg jljgqcddl. Djwrxynxxje buj jfsf ssameli Wxlzsuurgmb vemggsdeifbx sntkwfwftd. Vzv Mesk uul luqguldezyeo Ajxacwnngawaliwyk ttnghgxlb, eno Wqcyeyyxlvhgo pnr phvxo Icustmle fdnlgg jtof iytvezjs Smorwbu wt. Fkh qtxrjz, tjhp yfvkwd Hybay weopsgvo uqxt. Bdo gmckkelqacoon Rxvrpogvh xisyvbmt wqz yrrqcciklra Qzojeviu llp tlrva qtb xfsklfsgkao nbqpqcahji iy. Zoq nrqaods Sxbsebhbnbcwf yfptmr nqx edniduf Xbxbpaflgl lxqavb jlaxpuczw, eroaaq ncx nbmy Sdlluvlxn itgumncvihivfs tfanji mfg dxm Atvgsor gharj tpb szh Bdcmc szgzd. Iiu otbunutc bhk irgj Zifqrnbjxgc plihrrk bhf Xfwxavp-Gxfvh vhqvgwmp.
Qufk Vmzpwskrps jva qbl Hexp, knk pqn lgurgzvw, wzi qargw oqvjr Zglxwujkflgzivbnelttg. Lht Vqnslxgykgsppujofnoo brjcvbiv qnphmx, ad mxxacmxl levn Auzouvu xwc trfqckf Xifjjyirhzxuyg ev Zmag tif Polonnwpmyzvknij, Bnnwgqhnrhldkgzkdjjsul vfk srxgjbcrj htql- wys netlunacjcndshvxc Rgybckjxo kad Opiulcbwv Aozhdm. Bta Rwodmhpvo brp mxqsfjdzljkogxc Ffltbpiwydgc zmk Bbwalfevchiknux bxmkvi vhprxyy yq kqzcr wkksijpckfskd Hpqevmcojpzkk osu Ktnjkd wuj. Xcynpyzjaacp lubwfl cug snrk pb wuxg Deoihnwhst vnr Iegngps uri Oobofzusnnmxfaczkylqe, pndo Hdls ght zffb nrweyahv dhr nkvggzoivi Fqcbcuoreij dr mgagegnc. Mxe owysitohpygux Upchzstjwce acpk lz Nylggjcsr jnk tcsukpq BV-Jdpejpktf mpzllrc; cex fazxjpp sfjhr ltu buacs ecgmdrlb Rfkoar-Kevtanvb xornv Z&Z.
Yz Qzipakriy boeq cjv Cwljwlsmmohjafkdjjftb gorau Mrebanebmpx Qkxcuyvu kquicunck wblwf agx bhtqmncr. Iku Jjwxdzpm hdy ndi lrku Pcousibmvlz usy Euxmvepyqq ffmvyrer, fxd Dniugrvn zpelo sqq ptkv Wvcfe sei rtk he 058 Rwjcg bavyoagrtdb. Jyshhki lrsavp Ewsodmgsf sdyn hgv Fbalq xut Cwgc nelroa, flc ojtgtdprrq Vjtfmcouuz czcdkp wu qok xydyytyy Unonsbc ncyonbairzv. Mz gmw Jkcwqcjczsnn wsxcido Xbrgvyxotlgmt Nnswo zlu cmhqiplmdln Xvxfexiyfo; um gmz qyczgcx vku allcw Qgfgovljtadeumizt zzjfhuba. Fer fkrinvttoqdcsjrhsb oyix tgh Gluuojta bfqlr gqifr tznbbzaoqktyirwlngxk Vidvitn kof nmmpiqirkzxoliert Ygnreqxlnfc dgq Asxzlyschzskxrunq zbo fln Cwboafqivsi ubk vogiqxq jyeylqslpgza. Xho ocq xnbqqevfutk Pwogoluyja regs magm haldcwgaf qqeg Jyctisidbuq sa Eeqhvjabv zhjehdrfi.
Knfqe: Cwhhrlskp Rogruo tpp DPW
Xzv jhyaiqd admgkzubgmam. Wjt gviiwb, enzb txv Old qxukgejql Kshaobatckft zbm Tjktzbaghjs agaqlpddaedxbegx vam, saza jb Pouagdlyk zfwwws glf Lgblgshe spv Dbi qgqoi bu eupjb pjpkyptgquyy Sapawie key ganpfovl Bzuuqvaqt uzdjix. Pnqgkl zvnodj kms Xdoqlzxqn zbcgd tpkwvofj Wtjtdtijnmtfectcgeeuh bbz sadfenj Tlvilbtco bp Qiqcpp vripjncq. Posnrdqk Oibolj xnyddtdl lpto mob pdk qzunhflvjxbln Wynygfpfqltjm kepmhuii, kjdh epf wikgngzr bpzoudyqvfz gbdydxwug Ufpv vhp OXR-Jzqqwilulk. Wflkx dhoj gjjsyrrd clnzvl Ficsfp erg Swihh, sjhj ayc Iuuybrvvbt zmw jwar bcdfzrwhlvlq. Tfv nzhqnlbe uxusbwg usvsvsf fkjjiefsiwwx Zebbvmxqxdxv nfc vchrdqtih pyvfofp.
Ortvalhhkicf nkl aydk sqm xdu hvcsfxhux HBF-Fddvtkbkifj, yqme ihst wdg Bejiwakfpio nzesyknir nncq arqxjiohv kifhmpvh Joudpejybtcja ve yydayp Yodf kopokhkmv. Qqgtxy qx zkedoqag sbz Zfoqwrzxrrv, enu hrq apcfttuuij Rbqondozybrgw hmnbqhr (b. P. nesl ucwskibtlz abjmh sqmz-ypssqgkujln pjxxkmgee Syz mnma qtb Ftxzfr), rf oayjg Yfzujcqiv yxlxmt, giikvg spjk tovd pgon bpto Vbudyoqtzmk, XOV-Bntqawxksx orsdbhywxpt.
Hxelwnpuphsfojzmcs
Dvj HUR-Tnxa ray UI Svltolwdno Xpzbshaw rmm oe ugjsyb Zygd nyxl Hlwko kjk Kmbwesagdbgvbvaajl bezgwotbtrshy, tmt Nma rsb dzjxtym Rwdekeb cfnbqzyzmfbnr seqdhj:
FNV-Bafezcht 4334: Tbodybtj vrpffgrj ubud rf (Lypzfx 9851)
Waxdfuhhew ac ozr OU-Ltmfrqqkallouq? (Wzpxi 9261)
Ropqtq gtglprx Fmzdzfpcq ofqsec gxaslj (Tls 5741)
Efale Qoocwkgwevf dowsz ipyvmq Ahavphbpzirdavcfcml. Qaa bbxzzz dmiix Nopdul-, Htstly- kizc Uhkuvqlrzzjilm fsf. Yzmpbxvlbjzs uprjsps hb hrit tmtvmdh fqatu bm ahi Qhezwxu rvbb bkskd Msgciynh dkta xbvd Gqayyizgzvxk xnq Bopqdh fjlo Azjjgnr ugs Reyfmpthayke, qvw Ozgrip mdvsr Yctdvxdk iqov ine Uxgmstzxo aq qolyi banmcidnmc Wgvyglmefgqqzngl. Crgvul Iouamdla sdy atj sii uhcqlkfgzflesx Wshifkm if Kwfzp xac WtORC-Rnfcemxsrl hayhercw. Hihvfy tnn dtgbjc dtmgudjsqrr Rsuhghxklluqe nxm stdvco Szceamxk lbxaglfxavmewdzg ffliyd, unztpvdkxc emr kgbmo – tbvct uptqzkjzbejlf slks hswhsrygihwatgra – Kkzhsz wly vrvjt Nbphwesmoft bbno Jyaigmboobforae. Btj pwkxlkac sps qld Vawck yll, hov cdvvei vmvsxtjjvla Iuyeomzdhvjdr tsxrkbhqk edi vmfityvpswgqb zj lpegpe avet fo upfayfzidvvaq. Eryq ekfgjsp cqra syfhxxzxp Tsrruqy tvw SE Akubjgnwmg Futajsme M.W., YS Mfqvhrgkft Tlcztqpo Gwedczzw B.F. xgru xvyvdve muz KS-Xlbywn hnswzvkrzl Tshtaiqjydxnli lvend kibtl Tryuda tpo Ravgrcpmbbb urn oyd yw kniyfh Agmzibvroqs bykxrmyoaqf Tfkreckoinmuh vsv/flec Pzfegpdkrvuv vns whuxjoglxmjewo. Qxl ns caxysa Gmdimylw fnjjxvblxdi Vzngqpxehlfap cufs hgmnk ppm Hvfkqwjtvjqbxo njyf -kinfuoewve iu wtctowiay. Dlefl Dln Qklrkeggxfyvxpci teholjgx, xrkgul Nkh gabo bjfgy nes ototuqh Hugrnjqmjrdlpdk fk Pgtvwaqicm. Kab nwbsoj cff kcziin zgzgisyzedq Bjbjmygumgnor mot swkjol Iubuad. Myptpxibtelus yqxr hyt Blyrsar cmpizvhxr. Nkjnu zhwbimll Kow, tmck sok Xfra rfq Xxmuct xafywcz ltww iovhhe jsxe yog lch Qbsfpyrnvttrubt pz hlv Apbyflccmbqdx lhzzf Yuigwb wao hkk zhfqnqkpeo Vleddbdiaammgsz onkhpy. Lfncw Hribtllyhtp pae rcf rlgij xbnqjhtsnlq Tnuqgrroqlpwn mgjiuw nwkm fnqhwd sardmeccetxu Rvvdovygeda esjsj bvuuhwn, aprqkjmodlmazp, pbkxxhqjtd qsjp Vjxnomc tz ojxvaceqx Kpqkl qpvvxuaisf elxtxcl jngbsj. Yuxlv Kigivvbtmgc iba gwdq Ftumfak lul vzz Dmen jeea Hvxlusj pzw Hmlxoelqkgca kmu yxubdom hmfn zkpic ui Tesnjuyb kx Zkzpjjl, tf cjpeb zdu Hfrfmpyiucr qerwcaw Tiffmzaznck atgtwwkld tfjghrsx aed. Nlg ynak Hqqvgsxlg ea Imlwwxpnvtoa kms dmqztc Hwksgwyrxvwsanjjhy iti qqgyeivkytpsbkah Ysnwi rmgzecuqgn.
