REFINING: Bids Open for Citgo Assets Until June 11
Apr-18 12:26
Bidders for Citgo's US refining assets have until 11 June to submit offers with a tentative sale hearing set for July 15.
- 805,000 bpd of refining capacity and associated assets are open for offer.
- The asset sale is to try and satisfy creditors of Citgo’s parent company, Venezuela’s PdV Holding (PdVH).
- The assets are struggling to sell due to the complexity involved in the deal and the wide range in valuations.
- PBF Energy's chief executive Matthew Lucey previously called the auction a "quagmire", considering its ties to a complex geopolitical situation in Venezuela.
- Other major US refiners have declared they are not interested in bidding on the assets.
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EGB SYNDICATION: New May-36 BTPei: Allocations out
Mar-19 12:26
- Size: EU5bln (MNI had expected E4-5bln)
- Books closed in excess of E41bln (inc E3.2bln JLM interest)
- Spread set previously at 0.10% May-33 BTPei RY +23 bps (Guidance was +25 bps area)
- HR: 119% versus 0.10% May-33 BTPei
- Maturity: 15 May 2036
- Settlement: 26 March 2024 (T+5)
- Coupon: Fixed, S/A ACT/ACT (full first coupon on 15 May 2024 accruing from 15 November 2023)
- ISIN: IT0005588881
- Bookrunners: BBVA, BofA Securities, Citi (B&D/DM), HSBC and Société Générale
- Timing: Pricing later today
From market source
CANADA: First BoC Cut Seen Around July Ahead Of CPI
Mar-19 12:23
- USDCAD at ~1.357 is off an earlier high of 1.3581, still close to the bull trigger at 1.3606 (Feb 28 high) after which lies 1.3623 (Fibo retrace of Nov 1 – Dec 27 bear leg).
- GoCs sit bull steeper, with yields 0-2bps lower, mostly tracking Tsys. The Can-US 2Y differential increased 4bps to -44bps yesterday, supported in part by a beat for IPPI inflation.
- BoC-dated OIS is hovering with a first cut only just fully priced for the July decision (roughly 50/50 in June).
- CORH4/Z4 is off yesterday’s -64.5bps (last seen briefly in mid-Fed and before that Nov’23) but still relatively elevated at -68.5bps (it was -88bps before the Mar 6 BoC).
GILTS: Still Outperforming, Off Best Levels
Mar-19 12:22
Gilts have moved back from post-auction highs, with wider core global FI markets off best levels of the day.
- Futures last +21 at 98.62 (range 98.38-98.89).
- The bullish technical theme in the contract remains intact, albeit with the bearish short-term threat elevated after last week’s price action.
- Initial technical levels remain untouched.
- Cash gilt yields are 2-3bp lower on the day.
- Gilts outperform global peers, although spreads are off post-gilt auction extremes.
