TURKEY: CBRT Say Underlying Inflation Flat in Three-Month Averages

Sep-04 15:05

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The CBRT has published its monthly report on price developments. Highlights from the release: * Ind...

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PIPELINE: Corporate Bond Update: Issuance List Expands

Aug-05 15:05
  • Date $MM Issuer (Priced *, Launch #)
  • 08/05 $500M CNA Financial WNG 10Y +125a
  • 08/05 $500M Freedom Mortgage 7.75NC3
  • 08/06 $500M Travel + Leisure 8NC3
  • 08/05 $Benchmark MSCI 10Y +140a
  • 08/05 $Benchmark Essential Utiites 10Y +130a
  • 08/05 $Benchmark Macquarie Bank 11NC10 +170a
  • 08/05 $Benchmark Standard Chartered 11NC10 +145a
  • 08/05 $Benchmark Tennessee Valley Authority 5Y +25a
  • 08/05 $Benchmark Daimler Truck 2Y +90a, +5Y +115a, +7Y +130a
  • 08/06 $Benchmark PetSmart 7NC3, 8NC3 investor calls

OPTIONS: Larger FX Option Pipeline

Aug-05 15:03
  • EUR/USD: Aug07 $1.1500(E1.1bln), $1.1600(E957mln); Aug08 $1.1500(E1.5bln); Aug11 $1.1550(E1.2bln)
  • USD/JPY: Aug07 Y147.65($1.1bln), Y148.00-15($1.8bln), Y148.50($1.2bln)
  • EUR/GBP: Aug08 Gbp0.8675(E1.3bln), Gbp0.8700(E1.2bln)
  • AUD/USD: Aug07 $0.6500(A$1.1bln), $0.6600(A$2.0bln); Aug08 $0.6500(A$4.3bln)
  • NZD/USD: Aug11 $0.5920-30(N$1.1bln)

GILTS: Opening Highs Cap Intraday Gains

Aug-05 14:56

Opening highs of 92.84 have capped upside in Gilt futures today, with volumes levelling off since this morning’s solid 10-year auction. Futures are +7 ticks at 92.75 at typing. A technical bull cycle remains intact, with the 20-day EMA at 91.99 providing initial resistance. Yields are little changed across the curve.

  • MNI’s BOE preview was released earlier this morning. See here.
  • It will be a major surprise if there is not a 25bp cut. The focus will instead be on the vote split, the tone of the press conference, any changes to assumptions in the scenarios and any signalling ahead of September’s QT decision.