EM CEEMEA CREDIT: MNI EM Credit Market Wrap - CEEMEA (24 Apr)
Apr-24 15:20
| MNI EM Credit Market Wrap - CEEMEA (24 Apr) | |||
| Source: Bloomberg data (*CBBT/BGN) | |||
| Metrics | Level | Δ DoD | |
| 5yr UST | 3.95% | -7bp | |
| 10yr UST | 4.33% | -5bp | |
| 5s-10s UST | 37.53 | +2bp | |
| WTI Crude | 62.7 | +0.4 | |
| Gold | 3325 | +37.0 | |
| iShares EM IOPV | 89.4 | 0.1% | |
| FX | Level | Δ DoD | |
| USDZAR | 18.77 | +0.11 | |
| USDTRY | 38.32 | +0.01 | |
| EURHUF | 406.8 | -1.55 | |
| EURPLN | 4.27 | -0.01 | |
| EURCZK | 24.93 | -0.07 | |
| Sov bonds* | Z-Sprd | Δ DoD | |
| REPHUN 5 1/2 03/26/36 | 238bp | -1bp | |
| POLAND 5 1/8 09/18/34 | 147bp | +5bp | |
| ROMANI 5 3/4 03/24/35 | 350bp | +1bp | |
| TURKEY 6 1/2 01/03/35 | 380bp | +4bp | |
| KAZAKS 4.714 04/09/35 | 144bp | -2bp | |
| UZBEK 6.9 02/28/32 | 341bp | +1bp | |
| UKRAIN 1 3/4 02/01/35 | 1174bp | +34bp | |
| ISRAEL 5 1/2 03/12/34 | 194bp | +0bp | |
| KSA 5 5/8 01/13/35 | 140bp | +1bp | |
| ADGB 5 04/30/34 | 74bp | +0bp | |
| QATAR 4 3/4 05/29/34 | 84bp | -1bp | |
| OMAN 7 3/8 10/28/32 | 177bp | +1bp | |
| BHRAIN 7 1/2 02/12/36 | 313bp | +0bp | |
| SOAF 7.1 11/19/36 | 391bp | -5bp | |
| ANGOL 8 3/4 04/14/32 | 970bp | +5bp | |
| ZAMBIN 5 3/4 06/30/33 | 984bp | -21bp | |
| MOZAM 9 09/15/31 | 1417bp | +6bp | |
| NGERIA 10 3/8 12/09/34 | 705bp | -3bp | |
| GHANA 5 07/03/35 | 933bp | -12bp | |
| IVYCST 8.075 04/01/36 | 523bp | +9bp | |
| BENIN 8 3/8 01/23/41 | 547bp | +4bp | |
| SENEGL 6 1/4 05/23/33 | 1049bp | -12bp | |
| MOROC 6 1/2 09/08/33 | 223bp | +4bp | |
| EGYPT 7.3 09/30/33 | 689bp | +1bp | |
| KENINT 9 1/2 03/05/36 | 769bp | +5bp | |
| RWANDA 5 1/2 08/09/31 | 680bp | -3bp | |
| Corp bonds* | Z-Sprd | Δ DoD | |
| ESKOM 8.45 08/10/28 | 447bp | -3bp | |
| SASOL 8 3/4 05/03/29 | 640bp | +1bp | |
| SGLSJ 4 1/2 11/16/29 | 539bp | -6bp | |
| GFISJ 6 1/8 05/15/29 | 172bp | +6bp | |
| OCPMR 6 3/4 05/02/34 | 286bp | +2bp | |
| FMCN 8 03/01/33 | 441bp | -7bp | |
| IHS 8 1/4 11/29/31 | 555bp | +4bp | |
| AZURGY 8 1/8 01/23/30 | 561bp | +2bp | |
| SEPLLN 9 1/8 03/21/30 | 685bp | +4bp | |
| ACKAF 8 1/2 09/25/28 | 392bp | +2bp | |
| AEFES 3 3/8 06/29/28 | 407bp | +10bp | |
| SISETI 8 5/8 05/02/32 | 507bp | +2bp | |
| TCELLT 7.45 01/24/30 | 375bp | +3bp | |
| TURKTI 7 3/8 05/20/29 | 373bp | +3bp | |
| ULKER 7 7/8 07/08/31 | 424bp | +1bp | |
| PKNPW 6 01/30/35 | 216bp | -0bp | |
| ROMGAZ 4 3/4 10/07/29 | 274bp | +2bp | |
| MVMHU 6 1/2 03/13/31 | 255bp | -1bp | |
| MLGPW 6 1/8 10/15/29 | 364bp | +3bp | |
| NAVOIM 6.95 10/17/31 | 321bp | -0bp | |
| JSCKSP 6 1/4 03/26/30 | 327bp | -5bp | |
| METINV 7 3/4 10/17/29 | 1046bp | +9bp | |
| ARAGVI 11 1/8 11/20/29 | 762bp | +1bp | |
| ARAMCO 5 1/4 07/17/34 | 148bp | +2bp | |
| MAADEN 5 1/4 02/13/30 | 135bp | +4bp | |
| SABIC 2.15 09/14/30 | 130bp | -1bp | |
| SECO 5.225 02/18/30 | 142bp | +5bp | |
| STCAB 3.89 05/13/29 | 107bp | +5bp | |
| ABDPOC 2 1/2 05/06/31 | 109bp | +5bp | |
| ADNOCM 4 1/2 09/11/34 | 125bp | +2bp | |
| ALDAR 5 1/4 03/25/35 | 137bp | +2bp | |
| DAMACR 7 08/26/28 | 319bp | +3bp | |
| ETISLT 0 7/8 05/17/33 | 102bp | +4bp | |
| EMAAR 3.7 07/06/31 | 132bp | +3bp | |
| MASDAR 5 1/4 07/25/34 | 142bp | +2bp | |
| MUBAUH 5.294 06/04/34 | 139bp | +3bp | |
| TABRED 5.279 03/05/30 | 132bp | +1bp | |
| TAQAUH 4 3/8 10/09/31 | 106bp | -0bp | |
| DUBAEE 3 3/8 03/20/28 | 144bp | +6bp | |
| QPETRO 2 1/4 07/12/31 | 104bp | +3bp | |
| QTELQD 4 5/8 10/10/34 | 113bp | +1bp | |
| BEXBAH 6 1/4 01/29/35 | 224bp | +3bp | |
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STIR: April ECB Pricing Unfazed By Cautious Speakers
Mar-25 15:16
April ECB implied rates have been unfazed by today’s cautious/hawkish leaning Governing Council speakers, with ESTR OIS continuing to price just over a ~65% implied probability of a 25bp cut.
- Both Kazimir and Muller suggested the ECB’s deposit rate was no longer in restrictive territory, evidently not subscribing to ECB staff’s (heavily caveated) 1.75-2.25% nominal neutral range.
- Both speakers (alongside GC colleague Vujcic) noted that the April decision remains an open question.
- February lending data is due on Thursday, before the March flash inflation round kicks off with Spain and France on Friday. Expect the majority of speakers to display a non-committal tone until next Tuesday at the earliest, following the Eurozone-wide inflation print and US President Trump’s next wave of tariff announcements.
- With the exception of the April meeting, OIS-implied rates are higher on the day, tracking similar movements in Euribor implied yields and core EGBs.
OPTIONS: Expiries for Mar26 NY cut 1000ET (Source DTCC)
Mar-25 15:16
- EUR/USD: $1.0690(E912mln), $1.0775-90(E766mln), $1.0900-25(E2.3bln)
- USD/JPY: Y148.00-10($932mln), Y151.74($519mln), Y152.00($955mln)
- AUD/USD: $0.6370-80(A$699mln)
- USD/CAD: C$1.4200($556mln), C$1.4240($634mln), C$1.4500($781mln)
- USD/CNY: Cny7.2430($600mln), Cny7.3000($500mln)
MNI EXCLUSIVE: MNI speaks to Canadian industry experts
Mar-25 15:15
Canadian industry experts assess the country's chances in accessing alternative markets to the U.S - On MNI Policy MainWire now, for more details please contact sales@marketnews.com
