EM LATAM CREDIT: Argentina: New Interior Minister - Neutral
(ARGENT; Caa1/CCC/CCC+)
"MILEI APPOINTS LISANDRO CATALAN AS INTERIOR MINISTER: LA NACION" - Bbg
The minister of the interior handles relations between the federal government and the provinces. After the big loss in Province of BA this past Sunday, President Milei hopes to repair relations with the other provinces ahead of the October mid-terms.
Guillermo Franco was previously the interior minister until 2024 when the post was dissolved and he became the head of the cabinet as he replaced Nicolas Posse.
As Franco was already in Milei's inner circle this may not do much for the provincial governors, a number of whom have already spoken out publicly against Milei about bad treatment and unfulfilled promises.
Milei has his work cut out for him and will likely have to deliver some tangible infrastructure projects or other financial deals to get people onboard to unite against the opposition.
ARGENT 35s have rebounded again today, up .59 to 57.55 according to Bloomberg, but still 4 points below Friday's 61.66 closing level prior to the election.
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SOFR: SFRU5 Blocked
Most recent block trade lodged at 08:45:31 NY/13:45:31 London:
- SFRU5 8K lots blocked at 95.915, looks like a buyer.
- DV01 $200K.
US: Trump To Deploy National Guard In Washington DC - NYT
President Donald Trump is scheduled to hold a press conference at 10:00 ET 15:00 BST to announce a new public safety plan for Washington, D.C. The announcement, which, according to the New York Times, is expected to include activating National Guard troops, comes after Trump threatened to take the city under federal control. LIVESTREAM
- Trump said on Truth Social this morning: "D.C. will be LIBERATED today! Crime, Savagery, Filth, and Scum will DISAPPEAR. ... I quickly fixed the Border (ZERO ILLEGALS in last 3 months!), D.C. is next!!!"
- The move mirrors Trump's recent deployment of National Guard troops to Los Angeles to quell unrest related to Trump's immigration policies. It is part of a broader strategy targeting primarily Democrat-run cities for their record on crime. Trump said on the campaign trail:“[I]n cities where there has been a complete breakdown of law and order... I will not hesitate to send in federal assets including the National Guard until safety is restored.”
- Politico notes that Trump has a range of options at his disposal, ranging from mobilising federal law enforcement agencies - which he is already doing - through to the unlikely option of asking Congress to modify or repeal the Home Rule Act."
- Politico adds: "Based on our conversations with people in Trump world, at this moment, this entire ordeal seems less like the machinations of a major power struggle than something Trump sees as a quick, visually friendly PR win."
FRANCE T-BILL AUCTION RESULTS: 13/18/26/52-week BTFs
| Type | 13-week BTF | 18-week BTF | 26-week BTF | 52-week BTF |
| Maturity | Nov 12, 2025 | Dec 17, 2025 | Feb 11, 2026 | Aug 12, 2026 |
| Amount | E3bln | E399mln | E1.8bln | E2bln |
| Target | E2.6-3.0bln | E0.0-0.4bln | E1.4-1.8bln | E1.6-2.0bln |
| Previous | E3bln | E500mln | E1.8bln | E1.997bln |
| Avg yield | 1.952% | 1.949% | 1.971% | 1.973% |
| Previous | 1.957% | 3.785% | 1.961% | 1.952% |
| Bid-to-cover | 2.57x | 7.29x | 3.87x | 2.83x |
| Previous | 3.03x | 4.15x | 3.59x | 2.26x |
| Previous date | Aug 04, 2025 | Feb 05, 2024 | Aug 04, 2025 | Aug 04, 2025 |
