Looking beyond the carry Global -4 -2 0 2 4 6 8 10 Jan-25 Feb-25 Mar-25 Apr-25 May-25 USDbn -25,000 KTB MSB -20,000 -15,000 -10,000 -5,000 0 5,000 10,000 15,000 20,000 25,000 30,000 USDm Global bond flows compass Fixed Income Source: FSS, Bloomberg, HSBC Figure 1. Monthly trends in offshore bond flows of EM sovereign debt Note: *For period, see Table 1. Source: Central bank websites, HSBC Disclosures & Disclaimer 16 -19 June, The May Fair Hotel, London Register This report must be read with the disclosures ...