• Given the CBR decision has been expected by investors, the market reaction will be neutral. The main disappointment is that the next rate cut may be postponed to the 2nd quarter of 2017 which might limit the positive trend in local bonds.
• We do not rule out some positive reaction to S&P outlook revision on Serbia given the agency’s quite solid comments over its credit strength.
• S&P outlook revision on the Republic of Croatia rating is a neutral news for its Eurobonds.
• It is quite interesting how the Ukrainian government will manage the Privatbank Eurobonds following the bank nationalization.
• China’s property market continues to slow down due to the government implemented policies. Nonetheless, the country’s GDP data is currently not a concern for market players.
• Yingde Gases will issue 189 mln of shares that is less than previously expected.
• Colombian policymakers reduced interest rate for 25 bps. This announcement will be neutral for the market.
• Odebrecht’s executives testimonies will be send to the country’s Supreme Court for the final decision.
• Petrobras improved its liquidity by a loan from the China Development Bank and signed export agreements with the Asian country oil companies.
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