Morning Commentary: Spreads a bit tighter for Turkey sovereign curve, banks; Alpha Holding on tap

By Rebecca Melvin

New York, Dec. 11 – Emerging market flows were muted in the early going on Monday, but there was a bit of spread tightening in both the sovereign curve and financial credits of Turkey despite a bid in U.S. Treasuries, a market source said.

The sovereign curve was about 4 basis points to 5 bps tighter and the banks were also tighter while somewhat mixed in other parts of Turkish debt.

Good data for Turkey’s gross domestic product and current accounts were supportive amid a lack of other headlines for the space, the market source said.

Elsewhere there was no update forthcoming yet on pricing of the dollar-denominated notes offering of Mexico’s Alpha Holding SA de CV, according to a syndicate source.

The Rule 144A and Regulation S deal finished up a roadshow on Friday and was expected to price on Monday.

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