EM CEEMEA CREDIT: MNI EM Credit Market Wrap - CEEMEA
MNI EM Credit Market Wrap - CEEMEA
Measure Level Δ DoD
5yr UST 4.59% +1.8bp
10yr UST 4.77% +1.5bp
5s-10s UST 18.03 -0.3bp
CDX EM 97.0 -0.1bp
CDX EM IG 100.7 -0.0bp
CDX EM HY 92.9 -0.1bp
WTI Crude 77.9 +1.3
Gold 2671 -18.5
USDZAR 19.10 -0.01
USDTRY 35.49 +0.06
EURHUF 413.4 +0.12
EURPLN 4.27 +0.01
EURCZK 25.20 +0.13
** The main stories out of the region **
Primary market window is open attracting various USD mandates, with GCC financials as well as various supranationals and corporates in Africa.
We see recent IPTs still compressed, allowing for paper to get priced at or close to FVs whilst demand remains robust.
Following ASIA's close showing marginal spread weakness, with sovereign PHILIP 35s some 2bp wider on the day, we have seen a continuation of Friday's spread pressure post US#s in CEEMEA with EGYPT and ROMANI bonds+20bp. High quality paper looks well supported though, eg KSA 35s charts only 4bp wider on the day.
Across GCC, whilst QNBK posted solid FY24 results, focus was on primary mandates for BSFR, ABCBI, RJHIAB. Elsewhere, Aldar announced a AED9bn RCF, PIF completed RE acquisition and BEXBAH tendered its '27s. The proposed unit deal talks between Maaden and Alba have reached an end.
In CEE, Turkish TCELLT announced a mandate for 5Y and Sust7Y deals.
In Africa, we saw supra AFRFIN new hybrid deal in the market, as well as USD mandates for miner Ivanhoe and oil&gas Azule Energy.
Top/Bottom Performers recap:
Among top performers on the day, OPTHB '33s @ z+266bp closed 13bp tighter. EGYPT and ROMANI sovereign paper charting 20bp wider.