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Primary sees deals from ADB, Tunisia, Stoneway; EM unfazed by political uncertainty, rates
By Christine Van Dusen
Atlanta, Feb. 10 – Philippines’ Asian Development Bank (ADB), Tunisia and emerging markets-focused Stoneway Capital Corp. priced notes on a Friday that was solid for emerging markets assets, even amid rates volatility and uncertainty about U.S. fiscal policy.
Europe faces its own political uncertainty, with concerns about the French elections.
“Concerns also remain amid a rift between European Union institutions and the International Monetary Fund on Greece’s bailout,” a London-based analyst said.
But emerging markets assets were still on solid ground.
“The market backdrop for EM remains solid, despite Trump’s promise to deliver a ‘phenomenal’ corporate tax announcement within the next three weeks,” he said.
Emerging market spreads remain “unimpressed and have further tightened over the week,” he said. “Outperformers include high-yielding Sub-Saharan Africa and Latin American sovereigns.”
Underperformers included Ghana – which was still dealing with reports of undisclosed spending – and Ivory Coast, where a military mutiny took place.
“While [Turkey’s] sovereign curve took a breather, banks continued to rally, 12 basis point tighter on average,” he said.
Meanwhile, China released strong trade figures, with a rise in exports and imports.
“Many question marks remain, going forward, with the new U.S. administration in place,” the analyst said.
“It is otherwise fairly calm in news flow this morning, and not even the brawl inside and outside South Africa’s parliament yesterday during Zuma’s State of the Nation Address can be considered as something surprising,” the analyst said
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