BRAZIL: Markets Re-Open Following Tiradentes Day Holiday
Apr-22 11:33
- Central Bank president Roberto Campos Neto remains in Washington D.C. and is scheduled to meet U.S. Treasury Deputy Secretary, Wally Adeyemo, at 2pm (Brasilia time).
- Earlier on Friday, the central banker speaks to investors in an encounter organized by XP Investimentos and, later, attends meetings with IMF.
- President Bolsonaro’s administration is facing an uphill battle to privatize Brazil’s power utility Eletrobras as another delay to its approval process brings the potential sale closer to the October presidential election.
- (Reuters) - Brazilian President Jair Bolsonaro said on Thursday that he would pardon an allied federal congressman who was sentenced to nearly nine years in prison by the Supreme Court, a move likely to heighten tensions between the nation's executive and judiciary during an election year.
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US 10YR FUTURE TECHS: (M2) Southbound
Mar-23 11:20
- RES 4: 126-26+ High Mar 10
- RES 3: 126-04 High Mar 14
- RES 2: 125-14+ 20-day EMA
- RES 1: 123-25+ Low Mar 16 and a recent breakout level
- PRICE: 122-27 @ 11:06 GMT Mar 23
- SUP 1: 122-12 Intraday low
- SUP 2: 122-00 Round number support
- SUP 3: 121-15+ Low Mar 4 2019 (cont)
- SUP 4: 121-02 Low Jan 18 2019 (cont)
Treasuries remain vulnerable following this week’s move lower and resumption of the primary downtrend. The break lower maintains the bearish price sequence of lower lows and low highs, reinforcing the current bear cycle. The focus is on the 122-00 handle next. On the upside, firm resistance is seen at 125-14+, the 20-day EMA. Initial resistance is seen at 123-25+, the Mar 16 low and this week’s breakout level.
PIPELINE: Four Issuers on Tap Wed; Lowe's Outpaced World Bank on Tue' Offering
Mar-23 11:17
- Date $MM Issuer (Priced *, Launch #)
- 03/23 $Benchmark L-Bank 3Y SOFR+29a
- 03/23 $Benchmark KEB Hana Bank 5Y +92.5a
- 03/23 $Benchmark Standard Chartered 4NC3 fix/FRN
- 03/23 $Benchmark Global Chem 10Y +260a, 30Y +310a
- $14.75B Priced Tuesday, Lowe's issued more debt than World Bank
- 03/22 $5B *Lowe's $750M 5Y+97, $1.5B 10Y+138, $1.5B 30Y+163, $1.25B 40Y +183
- 03/22 $4B *IBRD (World Bank) $1B WNG 2Y +12, $3B 10Y SOFR+40
- 03/22 $2B *HSBC 11NC10 +240
- 03/22 $1.75B *Indonesia $1B 10Y 3.6%, $750M 30Y 4.35%
- 03/22 $1.25B *Kommunalbanken 2.5Y SOFR+26
- 03/22 $750M *Brunswick $450M +10Y +205, $300M 30Y +255
MNI: US MBA: MARKET COMPOSITE -8.1% SA THRU MAR 18 WK
Mar-23 11:00
- MNI: US MBA: MARKET COMPOSITE -8.1% SA THRU MAR 18 WK
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