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Morning Commentary: Emerging market mostly firmer; Croatia weak
By Rebecca Melvin
New York, Nov. 16 – Emerging markets saw a little bit of spread tightening across the board early on Thursday, with some exceptions such as Croatia, in tandem with some improvement in global stock markets.
Middle Eastern credits and sectors like the Turkish banks were better by 1 basis point to several basis points on average, according to a London-based trading firm.
But a weak name was Saudi Arabia-based property developer Dar Al-Arkan Real Estate Development Co., which was still well offered after investors began to swear off Qatar’s Ezdan Holding Group 2021 and 2022 notes early in the week. Ezdan is also a real estate property developer.
Dar Al-Arkan’s near-dated bond, the 5¾% notes due 2018, was at 99 bid, 100 offered with a spread wider by 2.3 bps. But Dar Al-Arkan’s newest bond, the 6 7/8% Islamic bonds due 2022, was down to 92.5 bid, 95 offered, with its spread wider by 76.5 bps.
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