EM LATAM CREDIT: Energuate: New Issue Fair Value

• German 30yr Buxl falls towards 115.00, helping push the Yield above the 2023 high of 3.263%, to reach its highest printed level since August 2011.
• The next big upside target would be situated at 3.30%, which today would equate to 114.37.

As usual, core services contributed the majority of overall core CPI in July, worth around 0.28pp of the 0.32% M/M reading. That's up from 0.19pp in June (on a core CPI reading of 0.23% M/M). 

• As seen in the table below, the increased services inflation pressure vs June's report was almost entirely due to airfares (0.05pp more of a contribution), lodging (0.03pp more, albeit still contributing negatively), and medical services (0.02pp more). The key housing categories had a relatively flat contribution vs June.
• Core goods once again contributed 0.05pp, though the composition was different this month: used and new vehicles contributed slightly positively (after subtracting 0.04pp in June), with all other core goods seeing their contribution fall to 0.04pp from 0.09pp prior.

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