EM CEEMEA CREDIT: CEEMEA EM Credit Market Update close
• In Rates, UST 10Y +3bp at 4.10% and 5s/10s +1bp at 40.
• Sov spreads: +5bp.
• Corporate Spreads: +2/5bp.
News
• Officials in Morocco reportedly looking at alternatives for bond issuance, including Asia.
• Serbia’s CB left base rate unchanged at 5.75%, in line with estimates.
• Endeavour Mining reported solid Q3 earnings on strong pricing.
New Deals & Mandates: five new deals today.
• Slovenske Elektrarne: €Bmark 7Y Green: See link for FV: https://mni.marketnews.com/4p7vIu4
• JSC UzAuto Motors: $ 5Y BMRK: See link for FV: https://mni.marketnews.com/4oX6j6Z
• PKO Bank Polski: EUR BM SNP 7NC6 Green -See link for FV: https://mni.marketnews.com/3WTeULy
• Kuwait Finance House $ PNC5.5 AT1: See link to earlier note: https://mni.marketnews.com/3LXPvOg
• First Abu Dhabi Bank € L5Y Green: Link to earlier note: https://mni.marketnews.com/4hU7VLQ
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FRANCE: Fresh High For OAT Futures As Lecornu Seemingly Avoids Socialist Censure
With Vallaud remarks having concluded, Socialist MP Laurent Baumel says the party will not submit a censure motion.
- From Le Parisien: "The PS deputy also states that the "Socialists and related" group will not submit a motion of censure against the Lecornu II government. ....Socialist Party elected officials will not vote for the motion of censure, assures MP Laurent Baumel "
- OAT futures briefly reached a fresh session high of 122.79 during Vallaud's comments, now +65 ticks at 122.74.
FRANCE: PS' Vallaud Indicates No Censure Motion Against PM From Socialists
Leader of the Socialist Party (PS) in the National Assembly is delivering his group's response to PM Sebastien Lecornu's general policy speech, in which the PM announced the suspension of the imposition of the 2023 pension reforms until Jan 2028 and committed not to use Art. 49.3 of the Constitution to push through a budget without a vote in parliament.
- Vallaud welcomed the suspension saying, "It is a crack in the Macronist dogma. We take this situation as a victory as much as a first step that allows us to consider the next ones,"
- Without stating it categorically, he also indicates that a censure motion will not be forthcoming from the PS. Vallaud says, "If we are all attached to the Republic, we must take this gamble of giving a budget, a fair budget to the country..." By allowing a debate and vote on the budget to take place, this would imply that the PS will not launch a censure motion tonight to be voted on 16 Oct.
- Vallaud calls the proposed budget "unbearable and seriously insufficient." Adds, "There is no question of us accepting the doubling of medical deductibles, the freezing of the income tax scale, the freezing of benefits...and therefore the insane pace of deficit reduction that you have included in your budget ,
MNI EXCLUSIVE: ECB Economist Speaks About Inflation Expectations
European Central Bank economist Maarten Dossche speaks about inflation expectations.- On MNI Policy MainWire now, for more details please contact sales@marketnews.com
