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Primary sees Poland, Croatia deals; rally fades, trading mixed for EM; Mexico, TSKB ahead
By Christine Van Dusen
Atlanta, March 16 – Poland and Croatia issued notes on a Thursday that saw the previous day’s rally in emerging markets assets – related to the Federal Reserve’s announcement of an expected rate hike – carry over into the morning before giving way to some weakness in the afternoon.
Also impacting the picture on Thursday were the Dutch election results, which dealt a loss to the anti-immigration party and were seen as a bellwether for what could happen elsewhere in Europe.
“It remains to be seen whether the Netherlands, European Union and Turkey are choosing a more conciliatory approach with the Dutch elections now behind. Recent comments by Turkish politicians point to a further escalation,” a London-based analyst said.
According to some government officials, the Turkish government could cancel the migrant readmission agreement and is also assessing the cancellation of the refugee deal, alleging that the European Union has not fulfilled its side of the deal.
Overall, the secondary market for emerging markets assets was more mixed during the afternoon, “with dealers happy to sell into what remaining strength there was following the late-morning rally fade,” a trader said. “We saw a pick up in buying from European and Middle Eastern clients as U.S. Treasury yields move wider again.”
Spreads closed at a slightly weaker 2 bps to 4 bps tighter, he said.
“Well off the euphoria of the morning,” he said.
In deal-related news on Thursday, Mexico advanced a new deal, Russia’s Gazprom OJSC set talk and Turkey’s Turkiye Sinai Kalkinma Bankasi AS (TSKB) planned a roadshow.
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