MNI EM Credit Weekly

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EXECUTIVE SUMMARY

EM US $ spreads were resilient given the heavy issuance calendar during the week. In CEEMEA, demand was strong for new paper with books multiple times (3.4x average) and pricing close to FV, with minimal NIC. LATAM, saw Venezuela defaulted bond prices hit a 5-year high, Argentina sovereign bonds widening and eight new deals printing. Asia saw strong demand for Hynix’s double tranche deal, pricing tighter than FV. A number of key events next week, including CPI in the US, Turikye CB decision as well as results of Argentina’s Province of Buenos Aires.