CEEMEA buyers emerge as Turkey tries to soothe investors; Argentina better; Petrobras up

By Rebecca Melvin

New York, Aug. 16 – There were mostly buyers of debt in the Central & Eastern Europe, Middle East and Africa region on Thursday as Turkey’s finance minister, Berat Albayrak, told investors that the government would support the banking sector if necessary but that the banks were strong enough to weather recent volatility.

There were “generally buyers today,” a London-based trader, focused on the Middle East and Africa.

Elsewhere, emerging markets currencies and bonds were also better, with Argentina an outperformer. On Thursday, the Argentine peso improved to 29.73 per dollar from a low of 30.50 on Wednesday.

Argentina’s 7 1/8% notes due 2117 jumped about two points on Thursday to 81.30 bid, 83˝ offered at the end of the session.

Argentina’s long-dated 2048 notes with a 6 7/8% coupon also had a big price pop. Those notes were seen last up 1.3 points, or nearly 2% at 72.95.

Its shorter dated notes were also up, with the 4 5/8% notes due 2023 last at 84, or up 1.75 points, while the medium term 5 7/8% notes due 2028 were up 1.1 point at 76.35.

Oil also improved on Thursday after a drop on Thursday. Brazil’s Petroleo Brasileiro SA bonds jumped.

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