Morning Commentary: Turkey softens slightly, but overall market remains strong; PhosAgro on tap

By Rebecca Melvin

New York, Jan. 16 – A little bit of softness was seen in Tuesday’s market around Turkey credits, but the overall emerging markets continued to perform very well, a London-based market source said.

The market was continuing strong action from Monday’s session even though U.S. financial markets were closed on Monday in observance of Martin Luther King Jr. Day.

Further details on Turkey were not immediately available.

The market was awaiting new issuance with a deal anticipated on Wednesday from Moscow-based chemical holding company PhosAgro, following investor meetings that wrapped up on Tuesday regarding a proposed issue of dollar-denominated loan participation notes.

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