EM CEEMEA CREDIT: MNI EM Credit Market Wrap - CEEMEA (21 Feb)
| MNI EM Credit Market Wrap - CEEMEA (21 Feb) |
Weak consumer sentiment and new homes data resulted in the US 10Y declining post the economic releases and ending -5bp at 4.45% and the 5s/10 -1bp at 15.18. Primary was quiet today following a busy week. The pipeline remains heathy and we expect more issuers to come to the market next week.
- Secondary was dominated UKRAIN again, this time bonds tightening across the curve. NGERIA bonds were also marginally tighter on the day. Other sovereigns were slightly wider, on a general risk off day. In corporate news, MOL reported FY24 results which were lack lustre and the bonds unch. Sibanye also reported FY24 earnings, with strong momentum in gold price helping to offset the weakness in PGM.
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IRELAND: Martin Still Not Confirmed As PM After Day Of Chaos In Parliament
The Dáil Eireann has adjourned until tomorrow (23 Jan) after a day of political chaos amid efforts to officially confirm Micheál Martin as taoiseach (PM). The process to appoint Martin and then approve his cabinet of ministers was initially viewed to be a fait accompli after Martin's centrist Fianna Fail agreed to a programme for gov't with the conservative Fine Gael, adding the support of nine independent members (TDs) in a confidence and supply agreement.
- However, efforts by the gov't to have the Regional Independent Group and two other independent TDs sit on the opposition benches despite them being in support of the gov't raised objections from opposition parties arguing the gov't was attempting to eat into the opposition's allotment of speaking time in parliament.
- Ceann Comhairle (Speaker) Verona Murphy had to suspend the session on numerous occasions amid chaos on the chamber floor with opposition parties vocally objecting.
- Machinations within the various independent groups in the Dáil could deny some independent TDs that are part of the Regional Independents speaking time, a major blow to their position in gov't.
- This leaves the caretaker gov't in place since the Nov 2024 election still in power and further delays the new gov'ts ability to begin work on major policy action - most notably the impact of Trump admin policies on Ireland's status as a hub for US multinationals.
FED: US TSY 17W BILL AUCTION: HIGH 4.205%(ALLOT 78.60%)
- US TSY 17W BILL AUCTION: HIGH 4.205%(ALLOT 78.60%)
- US TSY 17W BILL AUCTION: DEALERS TAKE 35.29% OF COMPETITIVES
- US TSY 17W BILL AUCTION: DIRECTS TAKE 4.22% OF COMPETITIVES
- US TSY 17W BILL AUCTION: INDIRECTS TAKE 60.49% OF COMPETITIVES
- US TSY 17W BILL AUCTION: BID/CVR 3.28
FED: US TSY 33D AUCTION: HIGH RATE 4.265%; 52.91% AT HIGH
- US TSY 33D AUCTION: HIGH RATE 4.265%; 52.91% AT HIGH
- US TSY 33D BILL AUCTION: DEALERS TAKE 49.22% OF COMPETITIVES
- US TSY 33D BILL AUCTION: DIRECTS TAKE 5.03% OF COMPETITIVES
- US TSY 33D BILL AUCTION: INDIRECTS TAKE 45.76% OF COMPETITIVES
- US TSY 33D AUCTION: BID/COVER 2.70
