EGB SYNDICATION: Austria triple-tranche mandate
Jan-17 12:40
- "The REPUBLIC OF AUSTRIA has mandated Barclays, BofA Securities, Citi, Deutsche Bank, J.P. Morgan and Raiffeisen Bank International to lead manage its new Reg S/144a eligible triple-tranche EUR issue consisting of a new 10yr Benchmark maturing 20 February 2034, a tap of the green RAGB 2.9% 23/05/2029 (ISIN AT0000A33SH3) and a tap of the green RAGB 1.85% 23/05/2049 (ISIN AT0000A2Y8G4). The transaction is expected to be launched and priced in the near future, subject to market conditions."
From market source
- We had an Austrian syndication pencilled in for next week, with a risk of this week. MNI pencils in the following sizes:
- E4-6bln for the 10-year new Feb-34 RAGB.
- E1.5-3.0bln for the 5-year 2.90% May-29 Green RAGB (ISIN: AT0000A33SH3)
- E1.00-1.75bln for the 25-year 1.85% May-49 Green RAGB (ISIN: AT0000A2Y8G4)
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USD: NOK leads in G10s
Dec-18 12:05
- AUDJPY test the 96.00 figure, with next immediate resistance seen at 96.148, last Monday's high.
- In G10s, NOK is now the best performer versus the Dollar, up 0.53%, helped by the bid in Oil.
- USDNOK is through its lowest level since the beginning of August, now targets 10.4000.
OUTLOOK: Price Signal Summary - Bull Cycle In Bunds Still In Play
Dec-18 11:52
- In the FI space, Bund futures maintain a firmer short-term tone following last week’s gains. The break of resistance at 135.81, the Dec 7 high, confirmed a resumption of the uptrend. This opens 137.58, a 3.00 projection of the Nov of the 13 - 17 - 24 price swing. Key short-term support has been defined at 134.37, the Dec 8 low. A short-term pullback would be considered corrective.
- The current uptrend in Gilt futures remains intact. Last week’s rally reinforces this theme and confirms once again, a resumption of the underlying uptrend. The focus is on 102.09, a 2.236 projection of the Nov 24 - 29 - 30 price swing. Initial firm support lies at 98.97, the Dec 6 high and a recent breakout level. Short-term weakness would be considered corrective.
US TSYS: Mildly Bull Steeper Ahead Of A Light Docket
Dec-18 11:48
- Cash Tsys trade 0-2.5bp richer on the day, with strength led by the front end for a modest bull steepening that was seen with the open and maintained ever since. 2s10s at -51bps is off Friday’s low of -54.7bps that otherwise marked the lowest since late September.
- TYH4 at 112-18 has pulled off an earlier high of 112-21+. The trend needle points north with resistance at 112-28+ and 113-12+ (Fibo projections of the Oct 19 – Nov 3 – Nov 13 price swings).
- Today sees a light docket, led by the NAHB housing index and solid bill issuance, with flow and headlines likely in the driving seat. Goolsbee's interview with CNBC is of less note after his weekend remarks.
- Data: NY Fed Services Dec (0830ET), NAHB housing index Dec (1000ET)
- Fedspeak: Goolsbee on CNBC (0830ET)
- Bill issuance: US Tsy $75B 13W, $68B 26W bill auctions (1130ET)
