Deals come on back of cash market rally
Emerging market issuers are taking advantage of more stable market conditions to price bonds, making up for a slow start to the month. The Markit iTraxx SovX is unchanged at 204bp on Wednesday morning, although the secondary market cash prices are rallying in a busy and liquid market that has pushed Ukraine up 1pt, Russian quasi sovereign names such as VEB up 0.75pt and MENA benchmarks up 0.5pt. That positive tone is providing a favourable backdrop for issuers to rush to the bond markets before the August slowdown.
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