MNI EM Credit Weekly

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EXECUTIVE SUMMARY

• EM secondary market spreads widened 1bp. The primary market was on hold across CEEMEA and LATAM while Asia supply was light with one corporate issuer in China. Among others, we commented on Philippines and Türkiye’s central bank actions, Colombia fiscal management, Argentina local law refinancing.
   
• Looking ahead into year end, we expect to see most of the news flow to be centred around geopolitical risk for sovereigns and event driven headlines for corporates and financials. We see a resumption of primary issuance in January. The Senegal situation remains under scrutiny with pressure on public finances adding uncertainty in the near future. The Argentina govt will attempt to pass the 2026 budget in congress. With the Colombia tax reform proposal defeated, the market anxiously awaits to see the government’s next move.

Sovs mentioned: China, Philippines, Sri Lanka, Turkiye, Romania, Bulgaria, Oman, UAE, South Africa, Mozambique, Senegal, Argentina, Colombia.

Corps mentioned: AVIC, Biocon Biologics, Genting, Eskom, Transnet, Petra Diamonds, Sappi, Bank Muscat, Orlen, Citadele Banka, Gran Tierra, Adecoagro, Klabin, Televisa, Telefonica Moviles Chile, Latam Airlines.