EM CEEMEA CREDIT: CEEMEA EM Credit Market Update close
Jun-04 15:10
- In Rates, UST 10Y yields charting at 4.37%, -8bp. The 5s/10s curve at 42.67, unchanged.
- In Sovereign credit, spread moves show a balanced mix, charting in a -10/+10bp range. News flow has mostly macro data releases, including CPI reading for Czechia (neutral), Poland’s CB leaves base rate unchanged at 5.25%, Ghana posted May consumer prices, South Africa’s National Assembly Finance Committee signed off on the fiscal framework. We commented earlier in the day on secondary spread moves for USD curves of Poland and South Africa.
- Among Corporates, spread moves muted and showing a marginal widening bias. Benchmark bonds are charting mainly in a +5/+20bp range. Primary market shows no new mandates (but very busy in LATAM with Sovereign Brazil and various corporate issuers in the region). In the pipeline, we still have pending Norway-HQ, Iraq-focused DNO aiming for a USD 60NC5.5 Hybrid. The news flow has supportive headlines on MoU to extend licences in Ghana, as we have mentioned in an earlier note, it looks a supportive read for Tullow Oil.
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US TSY FUTURES: BLOCK: Jun'25 5Y Buy
May-05 14:58
- +10,000 FVM5 108-10, buy through 108-09.75 post time offer at 1041:28ET, DV01 $428,000. The 5Y contract trades 108-09.75 last (-1.75).
US TSY OPTIONS: Large Jul'25 5Y Call Sale
May-05 14:31
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- 1,500 TYM5 111.75 straddles
EUR: More Exchange traded Option
May-05 14:28
EURUSD (6th June) 1.1350p, bought for 0.012 in 4.2k total now.
