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Bond Market News

EM Sovereign Dollar Bonds Fall

The longer dated bonds of the some emerging market sovereigns slipped by 1.5-3 points on Monday. This comes at a time when Treasury yields have been on a climb on increasing inflation expectations, rising from 0.93% at the start of the year to the current levels of 1.57%. Long-dated (> 10Y) dollar bonds from some emerging market sovereigns – South Africa, Brazil, Indonesia, Egypt and Turkey – have been trending lower since mid-February, as shown in the graph below.

EM Graph

EM Ratings
Egypt’s 6.875% 2040s were down 1.89 to 95.1 yielding 7.35%, South Africa’s 6.25% 2041s were down 2.46 to 99.28 yielding 6.31%, Brazil’s 5.625% 2041s were down 2.92 at 99.83 yielding 5.64%, Turkey 6.75% 2040s were down 1.37 to 96.46 yielding 7.09% and Indonesia 5.25% 2042s were down 1.39 to 117.2 yielding 4.02%.
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