ENERGY: Canada Week: Wildfires in Western Canada Temporarily Shut Oil Operations
May-29 17:23
- Former Deputy Prime Minister Anne McLellan says Alberta separation talk is scaring off investors.
- Manitoba declares state of emergency late Wednesday over wildfires, CBC News said.
- Wildfires shut oil and gas operations in northern Alberta, halting at least 4K bopd as oil producer Aspenleaf Energy confirms its shutdown Tuesday, according to Reuters.
- Canadian fertilizer giant Nutrien is looking to build a major terminal at a Pacific Northwest Port to handle bulk potash exports for Asia, the Globe and Mail said, adding the company is considering sites in Canada and the U.S.
- Canada's new resources minister Tim Hodgson says he wants to accelerate major resource projects. He also suggested Canada will curb access to its critical minerals by processing and refining them within its shores and exporting worldwide, not only the U.S.
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US: FED Reverse Repo Operation
Apr-29 17:17
RRP usage rises to $157.537B this afternoon from $148.649B yesterday. Usage had fallen to $54.772B last Wednesday, April 16 -- lowest level since April 2021. Conversely, usage had surged to the highest level since December 31, 2024 on Monday, March 31: $399.167B. The number of counterparties at 37.
BONDS: EGBs-GILTS CASH CLOSE: Edges Higher On Soft Data
Apr-29 17:08
European FI gained slightly on Tuesday, retracing some of the previous session's weakness.
- Gains were fairly steady through the session, with few major headline/macro catalysts, amid a backdrop of data that was largely on the weaker side of expectations.
- Spanish April preliminary HICP came in firmer than expected, though Spanish GDP came in soft.
- ECB consumer inflation expectations rose for both 1Y and 3Y, though the EC Economic Sentiment survey was weaker than expected.
- Below-consensus US job openings and consumer confidence readings added to the theme.
- ECB's Stournaras sounded cautious on moving rates below 2% (from 2.25% at present); an MNI sources piece debate within the Governing Council ahead of the June rate decision.
- Both the German and UK curves bull flattened, with 10Y Gilts touching 3-week lows. Periphery/semi-core EGB spreads widened modestly, with Portugal underperforming.
- Wednesday's calendar includes French GDP and German retail sales/unemployment, but the highlight will be German, French, and Italian flash April inflation.
Closing Yields / 10-Yr EGB Spreads To Germany
- Germany: The 2-Yr yield is down 0.6bps at 1.736%, 5-Yr is down 1.5bps at 2.044%, 10-Yr is down 2.4bps at 2.497%, and 30-Yr is down 2bps at 2.927%.
- UK: The 2-Yr yield is down 2.3bps at 3.843%, 5-Yr is down 2.8bps at 3.958%, 10-Yr is down 2.9bps at 4.48%, and 30-Yr is down 2.6bps at 5.244%.
- Italian BTP spread up 0.2bps at 111bps / Portuguese up 1.3bps at 55.3bps
PIPELINE: Corporate Bond Update
Apr-29 17:07
Corporate bond issuance looks to finish April strong with at least another $21.5B to price today:
- Date $MM Issuer (Priced *, Launch #)
- 04/29 $9B #World Bank $4B 3Y +35, $5B 7Y +55
- 04/29 $5B *KFW 5Y SOFR+42
- 04/29 $2B #ADQ $1B 5Y +85, $1B 10Y +95
- 04/29 $1.75B *Swedish Export Credit 3Y SOFR+45
- 04/29 $1B #GS Private $400M 3Y +225, $600M 5Y +250
- 04/29 $900M #Tyco Electronics $450M each: +5Y +83, 10Y +97
- 04/29 $800M #Weir Group 5Y +160
- 04/29 $500M #Constellation Brands 5Y +107
- 04/29 $500M Southwestern Public Service 10Y +115
- 04/29 $Benchmark Las Vega Sands 3Y +200, 5Y +225
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