EM CEEMEA CREDIT: MNI EM Credit Market Wrap - CEEMEA Dec17 Close
MNI EM Credit Market Wrap - CEEMEA Dec17 Close
Measure Level Δ DoD
5yr UST 4.2% -0.9bp
10yr UST 4.4% -1.0bp
5s-10s UST 13.7 -0.1bp
CDX EM 97.4 -0.1bp
CDX EM IG 101.0 -0.0bp
CDX EM HY 93.5 -0.1bp
WTI Crude 69.3 -1.4
Gold 2638 -14.8
USDZAR 18.15 +0.29
USDTRY 34.99 +0.04
EURHUF 409.8 +0.99
EURPLN 4.27 +0.01
EURCZK 25.09 +0.05
Main stories recap:
CEE
TPEPW - neutral - review of electricity distribution tariffs
ENEASA - neutral - review of electricity distribution tariffs
TPEPW - approval for PLN11bn loan with BGK
TPEPW - new strategy plan rising EBITDA in 2030
MOLHB - sale and purchase agreement adds infrastructure in HU
Oyak - Fitch upgrades to BB- stable
REPHUN - NBH rate unch followed by "ready for 'sustained' rate hold if needed" Virag
CIS
KAZAKS - Tengiz maintenance scheduled until year end
KAZAKS - GDP growth 4.4% in 11M
GCC
ADNOCM - JV to explore unconventional gas
ARAMCO - deadline extension for Zuluf project bids
QATAR -talks for broader cooperation with UZBEK
ARAMCO - lithium extraction from oilfields brine breakthrough
Africa
TLWLN - negative - takeover bid off for KOS
ANGOL - prelim plans export 962k bopd in Feb
Telkom - regulatory approval to sell masts and towers buz
MOROC - CB rate cut to 2.5% from 2.75%
Top/Bottom Performers recap:
ISRAEL 28s some 14bp wider, ROMANI 35s +13bp on political turmoil. TURKWF 21bp tighter, TLWLN 26s down some 5pt as KOS takeover bid is off.