Morning Commentary: Emerging markets debt improves slightly; market quieted by summer lull

By Rebecca Melvin

New York, Aug. 7 – Emerging markets debt improved slightly on Tuesday as the dollar pulled back from a high mark on Monday and as U.S. Treasuries eased. But there was very little action among emerging markets credits to provide a reliable read on the space, a New York-based market source said.

“Any conclusions would be misleading at best,” the market source said, who said the broader market moves provided an indicator of any activity.

There was no follow on to Monday’s move that saw a bit of weakening of Argentina corporate bonds and related trades tied to bribery and corruption investigation headlines tied to the ongoing investigations known as Car Wash in Latin America.

From Argentina, Albanesi SA’s notes have been very volatile for more than a week.

The power generation company’s 9 5/8% notes due 2023 were trading back up at 96 this week after dropping from par to as low as 79 last week in reaction to the arrest of its chairman in the corruption investigation.

Albanesi chairman Armando Loson was detained along with 10 other business executives and former public employees as part of an alleged graft case.

© 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.