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EM CEEMEA CREDIT: CEEMEA Credit Market Update

EM CEEMEA CREDIT
Bullet

CEEMEA Credit Market Update 

  • Sovereign spreads marginally wider this morning, driven by rates. No significant individual moves, with higher beta names wider along with UKRAIN.
  • In macro news, Hungary’s Industrial output declined 3.9% vs est of 3.6%, while retail trade increased an annual 4.7% from a revised 0% in Dec – we expect limited read across for corporate spreads. In South Africa 4Q current account as % of GDP was 0.4% vs est of -0.9%, which we view is neutral for credit spreads.
  • Earnings: AEFES reporting FY24 results which are neutral for spreads, while Endeavour mining results are supportive for spreads.
  • Central Bank of Turkeys rate decision today (11:00GMT/14:00 local time), where another 250bp rate cut is expected. Our read across for the rates decision can be found here: https://mni.marketnews.com/43I5tTR MNI’s full preview can be found here: https://mni.marketnews.com/4ioblFF
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CEEMEA Credit Market Update 

  • Sovereign spreads marginally wider this morning, driven by rates. No significant individual moves, with higher beta names wider along with UKRAIN.
  • In macro news, Hungary’s Industrial output declined 3.9% vs est of 3.6%, while retail trade increased an annual 4.7% from a revised 0% in Dec – we expect limited read across for corporate spreads. In South Africa 4Q current account as % of GDP was 0.4% vs est of -0.9%, which we view is neutral for credit spreads.
  • Earnings: AEFES reporting FY24 results which are neutral for spreads, while Endeavour mining results are supportive for spreads.
  • Central Bank of Turkeys rate decision today (11:00GMT/14:00 local time), where another 250bp rate cut is expected. Our read across for the rates decision can be found here: https://mni.marketnews.com/43I5tTR MNI’s full preview can be found here: https://mni.marketnews.com/4ioblFF