MNI EM Credit Weekly: New Issue Nirvana

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EXECUTIVE SUMMARY

• Spreads were slightly wider for choice this week, as risk assets were generally softer.
• In Asia, China real estate came under additional pressure. In CEEMEA, new issuance was centred around GCC and Africa. Argentina’s govt laid the foundation for its reform mandate, while bonds of Brazil’s CSN languished.
• Next week in Asia, results season will focus on JD.com and Meituan. In CEEMEA, we await medium-term budget policy statement in South Africa, while in LATAM we expect earnings from troubled Brazil credits Braskem, Adecoagro and Raizen.