EM sick as a pig as macro ailments infect further

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By Francesca Young
24 Sep 2015

CEEMEA bonds have been tossed into free fall as investors fretted over the swirl of rising rates, low commodity prices and China, pushing several borrowers’ spreads 45bp wider on the week. But two brave sovereign issuers — Albania and Ghana — still saw the timing as right to announce roadshows for new bonds.

The selling started on Tuesday, with many CEEMEA borrowers taking a 30bp spread hit by Wednesday. The drift wider continued into Thursday evening as GlobalCapital went to press, with several credits having lost another 10bp-15bp.

“There has been a confluence ...

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