EM CEEMEA CREDIT: CEEMEA EM Credit Market Update close
Sep-03 16:02
- In Rates, UST 10Y -4bp at 4.22% and 5s/10s -1bp at 53.
- Weaker US jobs report drove yields, with sovereign spreads marginally wider on the day with no real outliers. In news Poland central Bank cut rates by 25bps as expected and Turkey CPI for August came broadly in line with expectations. Lithuania came to the market with a EUR 10Y and 20Y, pricing wider than FV see link for full analysis: https://mni.marketnews.com/4p67T6I . Despite the recent volatility in Turkey, the country’s wealth fund came to the market with a 5Y and 10Y which was relatively well received given the yield on offer, see link for analysis: https://mni.marketnews.com/47q4idu .
- In Corporate space spreads were also wider by low single digits. Czechoslovak group reported a solid set of H1 25 results, with strong topline growth and order backlog. The Commercial Bank (CBQ) issued 5Y USD BM bond see link for full analysis https://mni.marketnews.com/4mCTXzw . We expect The Silk Group could launch their $400mn bond tomorrow given the bonds are now rated by both agencies.
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OPTIONS: Expiries for Aug05 NY cut 1000ET (Source DTCC)
Aug-04 15:52
- EUR/USD: $1.1425(E1.6bln), $1.1450-56(E574mln), $1.1500(E1.4bln), $1.1550(E2.3bln), $1.1585-00(E3.2bln), $1.1650-60(E784mln)
- USD/JPY: Y146.00($611mln), Y147.45-53($630mln), Y148.00($558mln)
- GBP/USD: $1.3330-60(Gbp1.0bln), $1.3390(Gbp643mln)
- EUR/GBP: Gbp0.8650-70(E1.3bln)
- AUD/USD: $0.6465-80(A$1.2bln)
- USD/CAD: C$1.3850($601mln)
US TSY FUTURES: BLOCK: Sep'25 2Y Buy
Aug-04 15:48
- +6,600 TUU5 103-30.5, buy through 103-30.38 post time offer at 1139:00ET, DV01 $244,000.
- The 2Y contract trades 103-31 last, +.25
US TSY OPTIONS: Large Sep'25 5Y Put Fly Buy
Aug-04 15:44
- +25,000 FVU5 107.5/108.25/109 put flys, 12 vs. 109-07.5/0.14%
- Bid for more
