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Morning Commentary: Emerging market credit starts new week on solid footing; Indonesia to price
By Rebecca Melvin
New York, Dec. 4 – Emerging market credit opened Monday with a solid tone with Turkey’s credit better by about 5 basis points across the board and looking to be outperforming in the Central & Eastern Europe Middle East and Africa region, a market source said.
In general, improved spreads were offsetting a sell-off in rates, the source said.
No new issues were announced for the CEE/MEA region, however, one syndicate source said.
But in Asia, the Republic of Indonesia announced plans to price three tranches of U.S. dollar-denominated notes for Monday’s business.
Citigroup, Deutsche Bank, ANZ and Goldman Sachs were marketing the notes that were guided to the 3.05% area for the five-year notes, the 3.6% area for the 10-year notes and a 4.45% area yield for the 30-year notes.
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