EM CEEMEA CREDIT: MNI EM Credit Market Wrap - CEEMEA (22 Apr)
Apr-22 15:29
| MNI EM Credit Market Wrap - CEEMEA (22 Apr) | |||
| Source: Bloomberg data (*CBBT/BGN) | |||
| Metrics | Level | Δ DoD | |
| 5yr UST | 3.97% | -1bp | |
| 10yr UST | 4.39% | -2bp | |
| 5s-10s UST | 42.16 | -1bp | |
| WTI Crude | 63.9 | +0.8 | |
| Gold | 3426 | +2.0 | |
| iShares EM IOPV | 88.5 | 0.0% | |
| FX | Level | Δ DoD | |
| USDZAR | 18.60 | -0.14 | |
| USDTRY | 38.26 | +0.06 | |
| EURHUF | 408.5 | +1.01 | |
| EURPLN | 4.29 | +0.02 | |
| EURCZK | 25.10 | +0.08 | |
| Sov bonds* | Z-Sprd | Δ DoD | |
| REPHUN 5 1/2 03/26/36 | 247bp | -7bp | |
| POLAND 5 1/8 09/18/34 | 152bp | +3bp | |
| ROMANI 5 3/4 03/24/35 | 357bp | -4bp | |
| TURKEY 6 1/2 01/03/35 | 384bp | +6bp | |
| KAZAKS 4.714 04/09/35 | 154bp | +3bp | |
| UZBEK 6.9 02/28/32 | 364bp | -9bp | |
| UKRAIN 1 3/4 02/01/35 | 1161bp | -17bp | |
| ISRAEL 5 1/2 03/12/34 | 203bp | -3bp | |
| KSA 5 5/8 01/13/35 | 146bp | -5bp | |
| ADGB 5 04/30/34 | 80bp | -5bp | |
| QATAR 4 3/4 05/29/34 | 91bp | -3bp | |
| OMAN 7 3/8 10/28/32 | 201bp | -3bp | |
| BHRAIN 7 1/2 02/12/36 | 323bp | -15bp | |
| SOAF 7.1 11/19/36 | 412bp | -4bp | |
| ANGOL 8 3/4 04/14/32 | 1016bp | +8bp | |
| ZAMBIN 5 3/4 06/30/33 | 1085bp | -2bp | |
| MOZAM 9 09/15/31 | 1445bp | -5bp | |
| NGERIA 10 3/8 12/09/34 | 733bp | +0bp | |
| GHANA 5 07/03/35 | 982bp | +0bp | |
| IVYCST 8.075 04/01/36 | 537bp | -0bp | |
| BENIN 8 3/8 01/23/41 | 570bp | +6bp | |
| SENEGL 6 1/4 05/23/33 | 1048bp | +9bp | |
| MOROC 6 1/2 09/08/33 | 230bp | +2bp | |
| EGYPT 7.3 09/30/33 | 720bp | +2bp | |
| KENINT 9 1/2 03/05/36 | 805bp | +2bp | |
| RWANDA 5 1/2 08/09/31 | 711bp | -10bp | |
| Corp bonds* | Z-Sprd | Δ DoD | |
| ESKOM 8.45 08/10/28 | 471bp | -2bp | |
| SASOL 8 3/4 05/03/29 | 655bp | -9bp | |
| SGLSJ 4 1/2 11/16/29 | 585bp | -7bp | |
| GFISJ 6 1/8 05/15/29 | 184bp | +1bp | |
| OCPMR 6 3/4 05/02/34 | 289bp | +8bp | |
| FMCN 8 03/01/33 | 475bp | -1bp | |
| IHS 8 1/4 11/29/31 | 572bp | +5bp | |
| AZURGY 8 1/8 01/23/30 | 584bp | -13bp | |
| SEPLLN 9 1/8 03/21/30 | 723bp | +4bp | |
| ACKAF 8 1/2 09/25/28 | 402bp | +11bp | |
| AEFES 3 3/8 06/29/28 | 426bp | +6bp | |
| SISETI 8 5/8 05/02/32 | 517bp | +2bp | |
| TCELLT 7.45 01/24/30 | 391bp | -1bp | |
| TURKTI 7 3/8 05/20/29 | 388bp | +2bp | |
| ULKER 7 7/8 07/08/31 | 432bp | +2bp | |
| PKNPW 6 01/30/35 | 223bp | +5bp | |
| ROMGAZ 4 3/4 10/07/29 | 284bp | -4bp | |
| MVMHU 6 1/2 03/13/31 | 261bp | -2bp | |
| MLGPW 6 1/8 10/15/29 | 375bp | +2bp | |
| NAVOIM 6.95 10/17/31 | 344bp | +1bp | |
| JSCKSP 6 1/4 03/26/30 | 346bp | -2bp | |
| METINV 7 3/4 10/17/29 | 1049bp | +11bp | |
| ARAGVI 11 1/8 11/20/29 | 769bp | -3bp | |
| ARAMCO 5 1/4 07/17/34 | 155bp | +0bp | |
| MAADEN 5 1/4 02/13/30 | 143bp | +2bp | |
| SABIC 2.15 09/14/30 | 139bp | -2bp | |
| SECO 5.225 02/18/30 | 151bp | +1bp | |
| STCAB 3.89 05/13/29 | 112bp | +4bp | |
| ABDPOC 2 1/2 05/06/31 | 114bp | +3bp | |
| ADNOCM 4 1/2 09/11/34 | 130bp | +6bp | |
| ALDAR 5 1/4 03/25/35 | 142bp | +2bp | |
| DAMACR 7 08/26/28 | 329bp | -2bp | |
| ETISLT 0 7/8 05/17/33 | 100bp | +2bp | |
| EMAAR 3.7 07/06/31 | 136bp | -0bp | |
| MASDAR 5 1/4 07/25/34 | 147bp | +2bp | |
| MUBAUH 5.294 06/04/34 | 147bp | +2bp | |
| TABRED 5.279 03/05/30 | 143bp | -2bp | |
| TAQAUH 4 3/8 10/09/31 | 116bp | +1bp | |
| DUBAEE 3 3/8 03/20/28 | 154bp | -1bp | |
| QPETRO 2 1/4 07/12/31 | 112bp | +2bp | |
| QTELQD 4 5/8 10/10/34 | 117bp | +1bp | |
| BEXBAH 6 1/4 01/29/35 | 228bp | -5bp | |
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CANADA PM CARNEY TO MEET GOVERNOR GENERAL AT NOON
Mar-23 11:22
- CANADA PM CARNEY TO MEET GOVERNOR GENERAL AT NOON
- CARNEY EXPECTED TO SEEK ELECTION
US TSYS: Available "Extraordinary Measures" Pick Up Slightly From Lows
Mar-21 21:00
Treasury has $163B of "extraordinary measures" remaining for authorities to use to fend off hitting the debt limit as of March 19, per the latest release of Treasury data. That's up from $86B on Mar 17 and a low of $34B on Feb 24.
- That's a little under half of the $377B in measures available to Treasury, with most of the amount remaining ($143B) coming from the so-called "G Fund".
- This headroom is in addition to $416B in cash left in the TGA, at last count.
- We haven't seen any changes recently to "x-dates" by when Treasury will run out of cash until the debt limit is lifted.
- Consensus still centers around late July/early August, but much will depend on April's major mid-month tax take. Treasury wrote to Congress last week that they would be able to provide an update on the x-date in the first half of May, after the conclusion of tax season.
USDCAD TECHS: Short-Term Outlook Remains Bullish
Mar-21 21:00
- RES 4: 1.4793 High Feb 3 and key resistance
- RES 3: 1.4700 Round number resistance
- RES 2: 1.4641 76.4% retracement of the Feb 3 - 14 bear leg
- RES 1: 1.4452/4543 High Mar 13 / 4 and a bull trigger
- PRICE: 1.4345 @ 16:27 GMT Mar 21
- SUP 1: 1.4242 Low Mar 6 and a key near-term support
- SUP 2: 1.4151/4107 Low Feb 14 / 50.0% of Sep 25 - Feb 3 bull run
- SUP 3: 1.4011 Low Dec 5 ‘24
- SUP 4: 1.3944 61.8% retracement of the Sep 25 ‘24 - Feb 3 bull cycle
USDCAD is trading closer to its recent lows. The bull cycle that started Feb 14 remains intact and moving average studies remain in a bull-mode position, highlighting a dominant uptrend. Note that the latest pullback has exposed a near-term key support at 1.4242, the Mar 6 low. Clearance of this level would undermine the bull theme and instead highlight potential for a test of 1.4151, the Feb 14 low and a bear trigger. The bull trigger is 1.4543, the Mar 4 high.
