EURGBP TECHS: Bullish Outlook

• Date $MM Issuer (Priced *, Launch #)
• 11/18 $6B #Pfizer $1B 2Y +30, $500M 2Y SOFR+50, $1B 5Y +52, $1.25B 7Y +65, $1.25B 10Y +75, $500M 30Y +87.5, $500M 40Y +100.
• 11/18 $2.5B Genmab 7NC3 6.375%a, 8NC3 7.375%a
• 11/18 $1.2B #Protective Life $600M +5Y +105, $600M 10Y +12
• 11/18 $1B #Cenovius $500M +5Y +100, $500M +10Y +130
• 11/18 $900M #Spire $450M 30.5NC5.25 6.25%, $450M 30.5NC10.25 6.45%
• 11/18 $800M #Steel Dynamics $650M 3Y +63, $150M 10Y +93
• 11/18 $750M #Vale Overseas +30NC5 6.125%
• 11/18 $600M Eurofima Jan 2029 SOFR+36
• 11/18 $600M #Buenos Aires 7Y 8.125%
• 11/18 $500M #RGA Global Funding 5Y +93
• 11/18 $500M #Pricoa Global Funding 5Y +68
• 11/18 $500M #Global Atlantic Fin 30NC5 7.25%
• 11/18 $Benchmark Sharjah 10.5Y Sukuk +145a
• 11/18 $Benchmark Goldman Sachs Private Equity investor calls

According to a new survey from Ipsos’ American Communities Project, “Pessimism about the country’s future has risen in cities since last year, but rural America is more optimistic about what’s ahead for the US.”

• The survey report notes, “If one were to summarize the findings of the 2025 survey, it would be that the divisions in the country are more obvious than ever, particularly around social issues. But the American people, and the many communities they call home, seem united around the idea that the economy is at best uncertain and at worst sliding downhill.”
• The survey notes, “This year found dramatic shifts in the community types about hope for the future of the country. Most of the community types that voted for Donald Trump saw big jumps in hopefulness, while types that did not vote for him saw smaller declines. Hispanic Centers, which voted for Trump, also saw declines.”

Figure 1: “Percent of US adults who say they are hopeful about the future of the US over the next few years and live in...”

Source: AP/Ipsos

• US rates have pared gains that were earlier extended by another soft weekly ADP print (-2.5k after -14.25k revised from -11.25k), with the SOFR strip lower than pre-ADP levels.
• It’s come along with the continued bounce off lows in equity futures, limiting SOFR gains to +0.03 on the day, in 2026 contracts.
• FOMC-dated FF for Dec are one of the few areas that still show a net dovish impact since ADP, with 12bp of cuts vs ~11bp beforehand, but it doesn’t materially move the needle.
• Cumulative cuts from 3.88% effective: 12bp Dec, 22bp Jan, 32.5bp Mar, 39.5bp Apr and 55.5bp Jun.
• The SOFR terminal implied yield sits at 3.09% (H7, -1.5bp), having increased on net through the US session. It remains within the 3.065-3.16% range seen in recent weeks.   
• Tomorrow sees the FOMC minutes for a strongly divided committee, watched for the degree of expressed opposition to October's rate cut and color on the debate over whether to ease any further.
• Thursday then sees the delayed NFP report for September in what should be an important validation test of alternative labor indicators that we’ve subsequently seen. MNI Preview here.