EM LATAM CREDIT
| MNI EM Credit Market Wrap - LATAM | |||||
| Measure | Level | Δ DoD | |||
| 5yr UST | 4.42% | +2.0bp | |||
| 10yr UST | 4.61% | -0.2bp | |||
| CDX EM | 97.30 | 0.04 | |||
| CDX EM IG | 100.88 | 0.03 | |||
| CDX EM HY | 93.45 | 0.06 | |||
| WTI Crude | 77.9 | -0.8 | |||
| Gold | 2701 | -13.1 | |||
| USDMXN | 20.78 | -0.07 | |||
| USDBRL | 6.07 | +0.01 | |||
| USDCLP | 1006.1 | -6.19 | |||
| USDPEN | 3.74 | -0.02 | |||
| USDCOP | 4336 | -8.35 | |||
| Main stories recap: | |||||
| Calm before the storm with the US Presidential inauguration looming and President-elect Trump expected to make numerous policy announcements afterward so stronger US economic data on Housing and Industrial Production failed to move US Treasuries much, though it did seem to help US Equities which triggered a bit of risk on in Emerging Markets. Almost all Latam benchmark sovereign and corporate bonds were up on the day with spreads generally 2-5 bps tighter. Laggards included Argentina which moved 7 bps wider on the 10yr bonds as traders braced for possible news from Milei’s meeting with the head of the IMF on Sunday. Profit taking on El Salvador bonds continued with 10-year bonds down a point today, 9 bps wider, but that’s still about 350 bps tighter from 4 months ago and about 100 bps tighter than 2 months ago so valuations got stretched and left the bonds vulnerable to investors taking profits. Pemex was also weaker, retreating from its 2 point rally on Wednesday. | |||||
| BRASKM - Braskem to expand capacity, announces projects | |||||
| CDEL - Codelco in talks with Saudi on copper investment | |||||
| ECUA - President Naboa temporrary handover of power to campaign for election | |||||
| COLOM - Petro suspending peace talks with ELN Guerillas | |||||
| ARCO - Arcos Dorados announced investor meetings Jan. 20 and tender for 2027 notes | |||||
| MEX - EU/Mex revamped free-trade agreement | |||||
| ARGENT - IMF Chief economist comments on Argentina economic policy | |||||
| GEOPAR - Lays out Capex, production and financial plans | |||||
| COLOM - Colombia Nov. Industrial Production Falls 2.1% Y/y, Est. -0.3% | |||||
| PEMEX - Schlumberger says Mex production activity to decline | |||||
| ECOPET - Repairs to Colombian Cano Limon Oil Pipe Underway After Attack | |||||
| BRAZIL - Brazilian Asset Manager Bradesco reduces Brazil exposure | |||||
| ARGENT - Caputo announces primary surplus of 1.8% of GDP for 2024 | |||||
| CFELEC - CFE expands into the telecom market | |||||
| FUNOTR - Moody's rates new issue Baa3 | |||||
| BRAZIL - Haddad expresses worry about debt | |||||
| ARCO - Moody's affirms Ba1 | |||||
| ALIPE - Affirmed at BBB by Fitch | |||||
| CMPCCI - Chairman Gazitua Achondo Won’t Run for Re-Election | |||||
| COLOM - Colombia Breaks Off Peace Talks as Rebels Seek Massive Land grab | |||||
| ARGENT - Bolivia in talks to restart gas supply | |||||
| PETBRA - Petrobras sets new production records at refineries | |||||
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