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EM debt spreads mostly mixed to tighter; Lebanon’s sovereign curve improves
By Rebecca Melvin
New York, Feb. 13 – Spreads on emerging markets debt were mixed to tighter on Wednesday, with the spreads on Lebanon’s sovereign debt notably tighter as reforms that would help unlock funds for the country came closer to realization, according to market sources.
A proposed policy statement by the government of Lebanon on Tuesday committed to reforms in the areas of electricity, economics, finance and the environment.
Lebanon’s shorter dated 8¼% notes due 2021 were seen 96.99 bid, 97.99 offered with a z-spread that was indicated to be 50.6 basis points tighter on the day, according to a market source.
Lebanon’s shortest-dated note, a 6% bond due 2019, traded at 99.29 bid 100.29 offered, with a z-spread that was tighter by 10.4 bps.
The country’s longest-dated bond, a 7¼% notes due 2037, was tighter by 29 bps and indicated at 80.75 bid, 81.75 offered.
The international sovereign notes of Saudi Arabia and Oman were tighter on the day in terms of spread, but those of Bahrain were wider.
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