MNI EM Credit Weekly

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EXECUTIVE SUMMARY:

Emerging Markets USD index spreads widened 5.5bp on rising tariff risks, erasing last week’s gains amid low supply ($1.5bn) and no notable new issuance from Asia or LATAM. The Philippines was negatively impacted by semiconductor tariffs, while Zambia suffered from the IMFs distressed debt assessment. Columbia tendered bonds across a range of maturities. In the week ahead, earnings season will take a back seat, with geopolitical developments expected to be the main driver of spreads, notably talks between the US and Russia.