EM LATAM CREDIT: MNI EM Credit Market Wrap - LATAM (20 Feb)
Source: BBG
Measure Level Δ DoD
5yr UST 4.3% -2bp
10yr UST 4.5% -3bp
5s-10s UST 15.6 -1bp
WTI Crude 72.6 +0.3
Gold 2936 +2.8
Bonds (CBBT) Z-Sprd Δ DoD
ARGENT 3 1/2 07/09/41 859bp -2bp
BRAZIL 6 1/8 03/15/34 253bp +1bp
BRAZIL 7 1/8 05/13/54 340bp +2bp
COLOM 8 11/14/35 364bp +3bp
COLOM 8 3/8 11/07/54 446bp +4bp
ELSALV 7.65 06/15/35 399bp +1bp
MEX 6 7/8 05/13/37 257bp +1bp
MEX 7 3/8 05/13/55 316bp +3bp
CHILE 5.65 01/13/37 147bp +2bp
PANAMA 6.4 02/14/35 313bp +4bp
CSNABZ 5 7/8 04/08/32 539bp -1bp
MRFGBZ 3.95 01/29/31 287bp +11bp
PEMEX 7.69 01/23/50 626bp +1bp
CDEL 6.33 01/13/35 191bp +1bp
SUZANO 3 1/8 01/15/32 178bp +5bp
FX Level Δ DoD
USDBRL 5.70 -0.02
USDCLP 943.15 -7.66
USDMXN 20.3 -0.14
USDCOP 4076.35 -24.90
USDPEN 3.68 -0.01
CDS Level Δ DoD
Mexico 118 (1)
Brazil 165 (1)
Colombia 186 2
Chile 53 0
CDX EM 97.81 (0.03)
CDX EM IG 101.26 (0.01)
CDX EM HY 94.08 (0.05)
Main stories recap:
Biased to spread widening across EM secondary markets in sympathy with the Equity correction, US Treasury rally and generally little change in EM bond prices. The GCC had two new issues today, Qatar and Saudi Real Estate Refinance (SARSTA), while Latam printed new deals from Latin America’s largest bank Itau and Brazil fuel distributor/sugarcane processor Raizen. Argentina bonds bounced a little higher after a few days of selling as the Argentina Senate rejected the idea of forming a commission to investigate President Milei’s involvement and actions in the crypto currency scandal.
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