US: House Of Reps To Vote On Ukraine 'Lend Lease'
The United States House of Representatives is slated to vote on a Ukraine version of 'lend lease' and additional measures to provide military aid to Ukraine this week.
- Christina Maza at National Journal: 'As the war in Ukraine enters a critical new phase, the House is planning to vote on the Senate-passed version of the lend-lease bill as soon as Thursday evening.'
- Rep Tim Ryan (D-OH): 'This week, the House will further support Ukraine with: Ukraine Democracy Defense Lend-Lease Act: to help the U.S. send weapons & supplies to Ukraine more efficiently. Asset Seizure for Ukraine Reconstruction Act: to seize & sell assets of Putin’s cronies to Ukraine.'
- Senator John Cornyn (R-TX): 'Lend-lease bill could turn the tide of Russia-Ukraine war.'
- The bill passed the Senate with a unanimous vote on April 7 and if the House version passes then it could significantly speed up the transfer of military aid to Ukraine.
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CANADA: Emissions reduction plan to be unveiled tomorrow
- CTV reported earlier that Guilbeault will unveil details of the federal govt’s plan tomorrow, mapping out specific actions to meet its targets.
- Passed in June, the Net-Zero Accountability Act commits Canada to net-zero GHG emissions by 2050 and to reduce emissions by 40-45% below 2005 levels by 2030.
- Canada last week issued its first green bond, with C$5B of a 2.25% 7.5Y bond with a bid-to-cover north of 2.2 despite having cut the spread over the Jun 29s from 2.5bps to 0.5bps beforehand.
BONDS: EGBs-GILTS CASH CLOSE: Bailey Turns Gilt Yields Lower
European yields rose to start Monday's session but reversed lower in the afternoon, with Gilts easily outperforming amid bull flattening.
- The turnaround in Gilts came after BoE Gov Bailey's comments that the change in forward guidance introduced as part of the March MPC statement was a reflection of the increased uncertainty to the outlook.
- German bonds traded in a similar pattern to UK, but their afternoon rally was not nearly as strong.
- Periphery EGB spreads widened slightly on the day, with equities mixed.
Closing Yields / 10-Yr Periphery EGB Spreads To Germany
- Germany: The 2-Yr yield is up 1.8bps at -0.117%, 5-Yr is up 0.6bps at 0.361%, 10-Yr is down 0.9bps at 0.578%, and 30-Yr is down 1.9bps at 0.681%.
- UK: The 2-Yr yield is down 5.4bps at 1.362%, 5-Yr is down 6bps at 1.413%, 10-Yr is down 7.8bps at 1.617%, and 30-Yr is down 10.5bps at 1.776%.
- Italian BTP spread up 3.2bps at 152.8bps / Greek up 3bps at 225.8bps
US 10YR FUTURE TECHS: (M2) Fresh Cycle Low Once Again
- RES 4: 126-04 High Mar 14
- RES 3: 124-21+ 20-day EMA
- RES 2: 123-25+ Low Mar 16 and a recent breakout level
- RES 1: 122-06/123-12 High Mar 28 / Mar 23
- PRICE: 121-30 @ 17:13 GMT Mar 28
- SUP 1: 120-30+ Intraday low
- SUP 2: 120.28 Low Dec 26 2018 (cont)
- SUP 3: 120-04+ Low Dec 12/13 2018 (cont)
- SUP 4: 120.00 Low Dec 6 2018 (cont) and psychological support
Treasuries remain in a downtrend and futures have traded to a fresh cycle low Monday. This confirms a resumption of the downtrend and maintains the bearish sequence of lower lows and lower highs. Moving average conditions remain in a bear mode, highlighting current sentiment. The break lower signals scope for weakness towards 120-28 next ahead of the psychological 120-00 handle. Resistance is seen at 123-12, the Mar 23 high.
