LATAM: Banxico and Banrep Decisions Upcoming

Mar-30 17:52

BanRep Decision Scheduled Around 1900BST/1400ET
According to surveyed analysts, the most probable outcome for today’s BanRep meeting will be a 25bp hike, bringing the overnight rate to 13.00%. However, there are several analysts that believe the committee will vote for a bolder 50bp increase to 13.25%. The full MNI preview with analyst views is here: https://roar-assets-auto.rbl.ms/files/52254/MNI%20BanRep%20Preview%20-%20March%202023.pdf
Banxico Scheduled For 2000BST/1500ET:
All but one surveyed analysts expect Banxico to raise the overnight rate by 25bps to 11.25% at the March meeting. Analysts remain divided on the potential end date of the tightening cycle and therefore the committee’s guidance for upcoming meetings will be closely scrutinised. One analyst within the Bloomberg survey is calling for a bolder 50bp increase.
The full MNI preview with analyst views is here: https://roar-assets-auto.rbl.ms/files/52249/MNI%20Banxico%20Preview%20-%20March%202023.pdf

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US TSY FUTURES: Drifting Near Highs

Feb-28 17:46

Quick Tsy futures update, still (mildly) weaker, but drifting near late morning highs, carry-over rebound w/EGBs midmorning. Current 10YY at 3.9317% (+.0176) after tapping 3.9806% earlier - highest level since Nov 10 when rates surged on back of lower than expected Oct CPI: +0.4% MoM vs. 0.6% est, core +0.27% unrounded vs forecast of 0.5%, cooled rate hike expectations at the time.

OPTIONS: Larger FX Option Pipeline

Feb-28 17:42

EUR/USD: Mar02 $1.0595-10(E1.9bln), $1.0620-25(E1.5bln); Mar03 $1.0500(E1.8bln), $1.0600(E1.7bln), $1.0700-05(E1.3bln)
USD/JPY: Mar02 Y132.00($1.1bln), Y132.50-60($1.2bln)
GBP/USD: Mar06 $1.2050-60(Gbp2.3bln)
AUD/USD: Mar06 $0.6775-85(A$1.2bln)
USD/CNY: Mar03 Cny6.9000($1.3bln)

PIPELINE: $2B HSBC PerpNC5.5 Launched

Feb-28 17:19

Date $MM Issuer (Priced *, Launch #)
02/28 $2B #HSBC PerpNC5.5 sub AT1 8%
02/28 $2B Bank of England 3Y +13
02/28 $Benchmark AstraZeneca 5Y +95a, 7Y +105a, 10Y +115a
02/28 $Benchmark Citigroup PerpNC5 7.625%a
02/28 $Benchmark American Tower 5Y +160a, 10Y +200a
02/28 $Benchmark SMFG taps 3Y +120a, 5Y +160a, 7Y +170a, 10Y +190a
02/28 $Benchmark Florida Power & Light 5Y, 10Y, 30Y
02/28 $Benchmark CIGNA 3NC1 +140a, 10Y +170a

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