EM LATAM CREDIT: Mexico's Alfa, SAB (ALFAA; Baa3 /BBB /BBB) 1Q Earnings

MEF has announced it will be looking to sell the following at its auction this Friday, March 28:

• E2.5-3.0bln of the 2.95% Jul-30 BTP (ISIN: IT0005637399)
• E2.5-3.25bln of the 3.65% Aug-35 BTP (ISIN: IT0005631590)
• E1.0-1.25bln of the 1.05% Apr-32 CCTeu (ISIN: IT0005594467)
• E1.0-1.5bln of the 1.10% Apr-33 CCTeu (ISIN: IT0005620460)

• RES 4: 113-01+ 2.0% 10-dma envelope 
• RES 3: 112-13   1.500 proj of the Jan 13 - Feb 7 - Feb 12 price swing
• RES 2: 112-01/02 High Mar 4 / 1.382 proj of Jan 13-Feb 7-12 swing
• RES 1: 111-17+/25   High Mar 20 / 11  
• PRICE:‌‌ 110-26 @ 16:35 GMT Mar 25 
• SUP 1: 110-05+ 50-day EMA
• SUP 2: 110-00   High Feb 7 and a key support 
• SUP 3: 109-13+ Low Feb 24
• SUP 4: 109-03   Low Feb 21     

Treasury futures bounced well off pullback lows Tuesday, rallying to narrow the gap with first resistance at 112-01. Moving average studies continue to highlight a dominant uptrend - they remain in a bull-mode position. Recent gains have resulted in a print above 111-22+, the Dec 3 ‘24 high. A clear breach of this level would open 112-02 and 112-13, Fibonacci projections. Firm support is unchanged at 110-00, the Feb 7 high.  

• WI recedes to 3.985% from 3.990%, 18.4bp rich to last month's stop: 4.169% high yield vs. 4.179% WI.