BRAZIL: April Manufacturing PMI Dips to 50.3

May-02 13:01

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* "S&P Global Brazil April Manufacturing PMI 50.3 vs 51.8 in March" (BBG)...

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PIPELINE: Corporate Bond Roundup: Holcim Finance 4Pt on Tap

Apr-02 13:00
  • Date $MM Issuer (Priced *, Launch #)
  • 04/02 $Benchmark Holcim Finance 2Y +95a, 3Y +105a, 5Y +125a, 10Y +145a
  • $6.45B Priced Tuesday

STIR: ADP Beat Doesn’t Move The Needle Ahead Of Tariff Announcements

Apr-02 12:58
  • There has been very little net impact from the ADP beat on Fed Funds implied rates for 2025 meetings.
  • The solid jobs report might have been partly offset by moderating wage growth although tariff announcements looming large later today are more likely a driver.
  • The largest increase has been for the June meeting, with cumulative cuts trimmed almost 1bp to 20.5bps.
  • The Dec’25 is little changed, pointing to 77.5bp of cuts for the year for levels seen as US desks filtered in today.
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SONIA: Call spread vs put spread

Apr-02 12:50

SFIZ5 96.20/96.30cs vs 95.75/95.65ps, bought the cs for 2 in 2.5k.