Emerging debt-Spreads widen on UST rally, Interpol decision

* Yield spreads widen due to U.S. Treasury rally

* Sovereign dollar bond prices hold ground

* Venezuelan credit hurt by Interpol authentication

By Daniel Bases

NEW YORK, May 15 (Reuters) - Emerging market assets gained ground on Thursday, with dollar bonds marginally higher and stock prices on growing hopes the U.S. financial market crisis has peaked.

A rally in U.S. Treasuries, based on soft May manufacturing data and a rise in the number of unemployed people remaining on government assistance after an initial week of jobless benefits, however, resulted in wider yield spreads for sovereign dollar debt.

"There is a certain sense that this phase of the financial crisis is winding down. Inflation remains the main problem at the moment," said Igor Arsenin, emerging markets debt strategist at Credit Suisse in New York.

(For more on the U.S. economy, click on [ID:nN15515443])

Key members of the U.S. Senate reached a deal on a sweeping housing rescue plan, sources told Reuters on Thursday. Progress on supplying aid to the ailing U.S. housing sector plus further accounting for bad mortgage-related investments by investment banks is raising hopes that financial markets might have a chance to start a recovery.