CANADA NOV BUDGET DEFICIT CAD8.2 BLN VS YEAR AGO CAD4.0 BLN

MNI BRIEF: Fed's Goolsbee Supports Slowing Rate Cuts

CANADA DELAYS IMPLEMENTING CAPITAL GAINS TAX HIKE TO JAN 2026

MNI BRIEF: US Dec Core PCE Inflation In Line With Expectations

MNI BRIEF: Fed's Bowman Wants Inflation Progress Before Cuts

MNI: BRAZIL'S COPOM RAISES SELIC RATE BY 100 BPS TO 13.25%

MNI: BAKER HUGHES US RIG COUNT 582; OIL RIGS 479; GAS RIGS 98

BAKER HUGHES CANADA RIG COUNT 258; OIL RIGS 186; GAS RIGS 72

EZ/UK Bond Supply Calendar: Austria, UK Auction on Tuesday

GERMANY: Economy Ministry Lowers 2025 Growth Forecast As Expected

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

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EM LATAM CREDIT: MNI EM Credit Market Wrap - LATAM

EM LATAM CREDIT
Bullet
      
MNI EM Credit Market Wrap - LATAM     
      
Measure Level Δ DoD 
5yr UST 4.59% -0.7bp 
10yr UST 4.78% +0.4bp 
CDX EM 97.12 0.11  
CDX EM IG 100.79 0.09  
CDX EM HY 93.17 0.14  
WTI Crude 77.8 -1.0 
Gold 2676 +13.3 
      
USDMXN 20.53 -0.12 
USDBRL 6.05 -0.04 
USDCLP 1003.6 -3.84 
USDPEN 3.77 -0.01 
USDCOP 4294 -13.59 
      
Main stories recap:     
      
Primary activity in Latam escalated following robust issuance in CEEMEA and Asia. New  5 year deals for financial institutions CAF and Bradesco priced today and investor meetings continued for Mexican real estate investment trust Funo and Argentine energy company Tecpet. Equities and US Treasuries stabilized in the wake of better than expected Producer Price Index (PPI) data, though the market still needed to contend with tomorrow’s Consumer Price Index (CPI) report so that capped the gains. Latam sovereign bonds bounced back nicely, with spreads generally about 3-5 bps tighter while Panama and Colombia bonds outperformed tightening 11 bps.
      
DOMREP - Dominican Republic appoints 5 new ambassadors   
      
CAF - CAF   new 5 yr MS+82 Priced     
      
ORBIA - BASF Sues Clariant, Celanese in €1.4 Billion Cartel Suit also targets Orbia 
      
BRAZIL - Saudi Arabian mining co. Ma'aden opens Sao Paulo office  
      
BRADES - New USD750mn 5yr at 6.7% priced     
      
PARGUY - Fitch rates sovereign sustainability bond framework   
      
YPFLUZ - YPF Energia Electrica says CEO resigned    
      
MEX - Mex ambassador to attemd Trump inaguration    
      
FUNO - Fibra Uno investor calls     
      
TECPET - Investor calls for new 8yr, 7y A.L, Fitch rates BB-   
      
YPFLUZ - Central Puerto/YPF Luz in deal for Puna Argentina   
      
ARGENT - Moody's upgrades 6 regional govts and 3 banks after sovereign upgrade 
      
TRITOB - Trinidad and Tobago State of Emergiency due to Violence  
      
ARGENT - CPI up 2.7% m/m and 117.8% y/y in line    
      
COLOM - Petro responded to Isagen owner who pointed out non-compliance with signed treaties
      
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Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
      
MNI EM Credit Market Wrap - LATAM     
      
Measure Level Δ DoD 
5yr UST 4.59% -0.7bp 
10yr UST 4.78% +0.4bp 
CDX EM 97.12 0.11  
CDX EM IG 100.79 0.09  
CDX EM HY 93.17 0.14  
WTI Crude 77.8 -1.0 
Gold 2676 +13.3 
      
USDMXN 20.53 -0.12 
USDBRL 6.05 -0.04 
USDCLP 1003.6 -3.84 
USDPEN 3.77 -0.01 
USDCOP 4294 -13.59 
      
Main stories recap:     
      
Primary activity in Latam escalated following robust issuance in CEEMEA and Asia. New  5 year deals for financial institutions CAF and Bradesco priced today and investor meetings continued for Mexican real estate investment trust Funo and Argentine energy company Tecpet. Equities and US Treasuries stabilized in the wake of better than expected Producer Price Index (PPI) data, though the market still needed to contend with tomorrow’s Consumer Price Index (CPI) report so that capped the gains. Latam sovereign bonds bounced back nicely, with spreads generally about 3-5 bps tighter while Panama and Colombia bonds outperformed tightening 11 bps.
      
DOMREP - Dominican Republic appoints 5 new ambassadors   
      
CAF - CAF   new 5 yr MS+82 Priced     
      
ORBIA - BASF Sues Clariant, Celanese in €1.4 Billion Cartel Suit also targets Orbia 
      
BRAZIL - Saudi Arabian mining co. Ma'aden opens Sao Paulo office  
      
BRADES - New USD750mn 5yr at 6.7% priced     
      
PARGUY - Fitch rates sovereign sustainability bond framework   
      
YPFLUZ - YPF Energia Electrica says CEO resigned    
      
MEX - Mex ambassador to attemd Trump inaguration    
      
FUNO - Fibra Uno investor calls     
      
TECPET - Investor calls for new 8yr, 7y A.L, Fitch rates BB-   
      
YPFLUZ - Central Puerto/YPF Luz in deal for Puna Argentina   
      
ARGENT - Moody's upgrades 6 regional govts and 3 banks after sovereign upgrade 
      
TRITOB - Trinidad and Tobago State of Emergiency due to Violence  
      
ARGENT - CPI up 2.7% m/m and 117.8% y/y in line    
      
COLOM - Petro responded to Isagen owner who pointed out non-compliance with signed treaties
      
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