EM CEEMEA CREDIT: MNI EM Credit Market Wrap - CEEMEA (30 Jan)
MNI EM Credit Market Wrap - CEEMEA (30 Jan)
Source: BBG
Measure Level Δ DoD
5yr UST 4.33% -1bp
10yr UST 4.52% -0bp
5s-10s UST 19.54 +0bp
WTI Crude 73.5 +0.8
Gold 2794 +34.7
Bonds* Z-Sprd Δ DoD
REPHUN 5 1/2 03/26/36 199bp -3bp
POLAND 5 1/8 09/18/34 136bp -3bp
ROMANI 5 3/4 03/24/35 307bp -1bp
TURKEY 6 1/2 01/03/35 319bp -2bp
KAZAKS 4.714 04/09/35 120bp -2bp
UZBEK 6.9 02/28/32 314bp -5bp
KSA 5 5/8 01/13/35 139bp -1bp
ADGB 5 04/30/34 88bp -2bp
QATAR 4 3/4 05/29/34 74bp -2bp
BHRAIN 7 1/2 02/12/36 290bp -4bp
SOAF 7.1 11/19/36 328bp -5bp
NGERIA 10 3/8 12/09/34 571bp -3bp
GHANA 5 07/03/35 707bp -3bp
BENIN 8 3/8 01/23/41 462bp -0bp
EGYPT 7.3 09/30/33 550bp +3bp
Source: CBBT, BGN for GH and BN
FX Level Δ DoD
USDZAR 18.43 -0.10
USDTRY 35.77 -0.04
EURHUF 406.6 -1.55
EURPLN 4.20 -0.00
EURCZK 25.12 -0.01
16:49:25
** The main stories out of the regions **
We wrap the day with 10Y U.S. Treasury @ 4.52% and 5s/10s @ 19.54. Primary has been muted post Fed, so focus was mostly on earnings, with more solid read from GCC banking world. Elsewhere, South Africa’s Eskom reported unaudited 1H25 interim showing improvement but the real focus was on NERSA tariff hike announcement, coming below Eskom’s asking, a hurdle for future profitability and FCF generation. Tullow Oil was a key story, with its trading update showing FCFs @ USD156mn, near the low end of the guidance range (150-200) but importantly stating intention to repay ‘25s notes and refi the capital structure going forward upon appointment of a new CEO. Bonds reacted, with TLWNL 25s charting up 3pt on the day (99 area, indic cash px BBG source), in contrast to TLWLN 26s moving in the opposite direction, down over 3pt (91area, indic cash px BBG source).