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Firmer session for EM even after Brexit debates are halted; Brazil outperforms; Ooredoo active
By Christine Van Dusen
Atlanta, June 17 – Some Latin American spreads tightened and prices rose on Friday, even after volumes fell and trading slowed on the news that the killing of a British politician halted debate and campaigning related to the United Kingdom’s possible exit from the European Union.
“Today’s session saw a total reversal of what we saw yesterday, with equities a bit soft, oil rallying and U.S. Treasuries selling off,” a trader said.
“Emerging markets credit continues to focus on the positive factors, and today it was the meaningful bounce-back in oil. The markets should continue to see position-squaring ahead of Brexit, as has been witnessed the last couple of sessions.”
The tone on Friday was relatively calm, a London-based strategist said. “Markets firmed up remarkably late yesterday and overnight, following an overall weaker session.”
Against this backdrop, spreads from Latin American bonds narrowed by a few basis points, with Brazil outperforming, a New York-based trader said.
“Cash prices are higher by 25 cents to 35 cents in the belly and 50 cents to 75 cents in the long end,” he said. “Some pressure on cash levels, as U.S. Treasuries hit intraday lows in past 20 minutes or so.”
Venezuela traded well across the curve, with its bonds up 35 cents to 50 cents, led higher by the rebound in crude oil prices.
The new issue of notes from Qatar’s Ooredoo QSC – $500 million of 3¾% notes due 2026 that priced Wednesday at 98.964 to yield mid-swaps plus 240 bps – traded Friday morning at 99.125 bid, 99.375 offered.
That was similar to Thursday when the notes were seen at 99.125 bid, 99.25 offered.
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