MACRO ANALYSIS: Assessing The Slowdown In US Tourism Amidst Tariff Fallout

• Date $MM Issuer (Priced *, Launch #)
• 03/25 $4.65B Bausch Health 7NC3 10%a
• 03/25 $2B #LG Energy $400M 3Y +135, $600M 5Y +145, $300M 5Y SOFR+170, $700M 10Y +170
• 03/25 $1.25B #NWB 3Y SOFR+36
• 03/25 $1.25B #NDB 3Y SOFR +65
• 03/25 $1B #MuniFin WNG 5Y SOFR+46
• 03/25 $1B *JFM 5Y SOFR+64
• 03/25 $1B #IDB 5Y SOFR+49
• 03/25 $800M Xerox $400M 5.5NC2.5, $400M 6NC3
• 03/25 $Benchmark Kingdom of Belgium 10Y SOFR+67a

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• A retracement mode in EURGBP remains in play as attention for the cross remains on the 50-day EMA, at 0.8351. The average marks a key short-term pivot level and has been pierced. A clear break of it would undermine the recent bull theme and signal scope for a deeper pullback, towards 0.8321, a Fibonacci retracement.
• Overall, levels between 0.8300-0.8200 continue to represent the base of a longer-term range, as indicated below. Key resistance and the bull trigger are located at 0.8450, the Mar 11 high.