Report published August 25, 2026
Bank J. Safra Sarasin: Emerging Markets Morning Pulse (25 August 2026)
Source and citation context
- Issuer
- Bank J. Safra Sarasin
- Report date
- August 25, 2026
- Analysis as of
- August 25, 2026
Authors / editors: Mischa Kratzer (Trader), James Kalbermatter (Trader), Mateus Bernardo (Trader)
Finvaulta summarizes Bank J. Safra Sarasin's analysis. Attribute opinions, forecasts, time-sensitive values, and chronology to the issuer and report date; do not treat this page as an independent verification or a current market-data source.
Global EM credit trading opened mixed in light volume as supporting US Treasury prices offset softer oil and equity sentiment. Key single-name developments include Moody's upgrading Pakistan, Braskem advancing on debt restructuring, and Polish lender PKO downsizing its primary bond issuance.
Key Takeaways
- 1.Global emerging market credit started the week mixed in light trading, as a US Treasury rally supported cash prices but softer equities and oil subdued risk sentiment.
- 2.Pakistan sovereign bonds rallied following an upgrade to B3 from Caa1 by Moody's, while Turkish corporate Vestel fell another 2 to 3 points post consent solicitation.
- 3.Braskem bonds rallied after filing for an out-of-court debt restructuring, whereas Brazilian high yield remains volatile ahead of domestic elections with heavy selling in Natura.
Table of Contents
- Rates
- Equities
- FX
- Oil
- Trader Comment MENA/Turkey/Africa (Mischa Kratzer)
- Trader Comment Latam (James Kalbermatter)
- Trader Comment Brazil HY (Mateus Bernardo)
- Trader Comment CEE (Mateus Bernardo)
- Primary
- Turkey – Credit
- MENA – Credit
- South Africa – Credit
- LATAM – Credit
- ASIA – Credit
- Disclaimer / Important Information
Report data
Turkey – Credit — as of August 25, 2026.
| Metric | Estimate | Context |
|---|---|---|
| US 10-Year Treasury Yield | 4.70% | Yield fell supported by lower oil prices and potential Treasury buybacks. |
| WTI Crude Oil Price | 85 USD/bbl | Fell sharply on Monday before rebounding modestly to $85.43. |
| PKO Green Senior Non-Preferred Issue Spread | 100 bps over Mid-Swaps | Priced €500m 7NC6 downsized from €750m. |
| Vestel 5-Year Credit Spread Change | +676 bps | Vestel credit spread widened significantly following its consent solicitation. |
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Emerging Markets Morning Pulse is shown in chronological order through this edition, published on August 25, 2026.
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Authors / Editors
Reported Data Context
- US 10-Year Treasury Yield: 4.70 % (2026-08-24)
- WTI Crude Oil Price: 85 USD/bbl (2026-08-24)
- PKO Green Senior Non-Preferred Issue Spread: 100 bps over Mid-Swaps (2026-08-24)
- Vestel 5-Year Credit Spread Change: +676 bps (2026-08-25) · Source: Bloomberg