Worse than expected retail sales were not enough to keep the treasury curve from falling further after yesterday's PPI measurement, pushing yields up to 6bps, closing longs at the highest level of the week, back above 4.9% 20y and 30y. Equities did not have much movement, seeing value better than tech as it was most of the week. In commodities, crude oil fell 2% ahead of the Putin-Trump meeting in Alaska, closing below $63 WTI and $66 Brent; metals and agriculture were up.

In Venezuela and PDVSA highlighted a 3pts rise (traded at 97 handle) in the PDV'20 after Judge Stark adjourned the Citgo sale hearing date slated for Monday to reevaluate the new Vitol and Elliot bids, increasing the likelihood of a positive resolution for the bondholders; the rest of the curve had no major movement.

 

Latin American credits had little variation, with a mostly negative tone due to the fall of the treasury curve, but spreads were slightly compressed.