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EM debt unchanged on Tuesday, softer on the week
By Paul A. Harris
Portland, Ore., June 26 – Emerging markets debt was essentially flat on mixed trading Tuesday, sources said.
Russian sovereign debt moved very little on the day, a trader said.
The Brazil 7 1/8% global bonds due January 2037 were at 104 3/8 bid on Tuesday, unchanged but
down 1/8 point to ¼ point on the week.
Petrobras’ 6¾% global bonds due January 2041 were unchanged on the day but slightly better on the week at 89¼ bid, up 1/8 point on the week.
EM bonds appear to have oversold amid the volatility that has lately seized the global capital markets and may be as much as 25 basis points tighter on the week, according to a trader based in the United States.
However any potential rally in Latin American debt is being forestalled by upcoming high-profile political elections including presidential and legislative elections in Mexico, set for July 1, and presidential and legislative elections in Brazil, set for later in the year, the trader said.
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