Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers A > Headlines for African Export-Import Bank > News item |
EM spreads wider but ‘holding OK’; Egypt improves; Turkey weaker; forward calendar grows
By Rebecca Melvin
New York, May 14 – Emerging markets debt spreads remained somewhat wide but were “holding OK” in quiet trading on Monday, a London-based trader said.
Egypt continued to firm on the back of an upgrade from S&P Global Ratings.
The Egypt 4¾% notes due 2026, which priced on April 9, were quoted at 97.62 bid, 98.62 offered on Monday, compared to 96¾ bid, 97¾ offered on Friday. Its sister tranche, the Egypt 5 5/8% notes due 2030, were quoted at 97¾ bid, 99 offered on Monday, compared to 96.62 bid, 97.62 offered on Friday.
On the flip side, Turkey’s credit remained weak. Turkey’s newer 6 1/8% notes due 2028, of which $2 billion priced in mid-April, fell to 95.452 on Monday, which was down another 0.8% on the day. The paper, which priced at a reoffered 99.427, is now down 4% from issue.
“The market backdrop for EM is not constructive – EM funds outflows, Argentina at the IMF, Iran sanctions, volatility in Turkish bonds, and Ramadan starting this week,” a second London-based market source said.
Despite the headwinds currently pressuring emerging markets, the market has seen a sprinkling of new deals join the forward calendar from across various regions in the last couple of days.
On Monday, Israel Chemicals Ltd., African Export-Import Bank and Asian Development Bank joined the forward deal calendar.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.