EM LATAM CREDIT: Colombia Businessman Opposes Labor Reform
(COLOM; Baa2neg/BB+neg/BB+neg)
"Grupo Aval’s Sarmiento Says Labor Reform Could Boost Informality" - BBG
Neutral impact. Influential businessman Luis Sarmiento who is Chairman of one of the largest financial holding companies in Latin America speaks out against the potential labor reform in Colombia.
To put this in context, the Colombia Senate has previously rejected labor reform legislation and recently rejected the president's proposal to conduct a referendum where people could vote on policy proposals to improve working conditions and raise wages for overtime and weekend work.
Colombia President Petro declared he will order by decree the referendum to be conducted which some have complained is trying to circumvent the democratic process in the country.
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PIPELINE: Corporate Bond Update: Starbuck, DB, UBS, PNC Expected
- Date $MM Issuer (Priced *, Launch #)
- 05/06 $500M Eaton WNG 5Y +90a
- 05/06 $Benchmark Standard Chartered 6NC5 +165a, 6NC5 SOFR
- 05/06 $Benchmark Starbucks Corp 3Y, 5Y & 10Y, details TBA
- 05/06 $Benchmark Deutsche Bank 6NC5 fix/SOFR
- 05/06 $Benchmark Host Hotels & Resorts 7Y +195a
- 05/06 $Benchmark PNC 2NC1 +100a, 6NC5 +120a
- 05/06 $Benchmark Shinhan Bank 5Y +110a
- 05/06 $Benchmark Gold Fields 7Y +210a
- 05/06 $Benchmark UBS 11NC10 +160a
US TSYS: Post-Trade Balance React
- Treasury futures still mixed but holding near recent highs after March Trade Gap widens to to record $140.5B.
- Tsy Jun'25 10Y futures currently +3 at 111-05 vs. 111-05.5 high (10Y yld at 4.3355%), initial technical resistance well above at 112-01.5 (High May 2).
- For bulls, price needs to trade above key short-term resistance at 112-20+, the May 1 high, to reinstate a bullish theme.
- Cross asset: BBG US$ index near recent low at 1219.75 (-1.02); stocks weaker: S&P eminis -50.75 at 5621.0.
CANADA MAR EXPORTS TO U.S. -6.6%, MOST SINCE APRIL 2020
- CANADA MAR EXPORTS TO U.S. -6.6%, MOST SINCE APRIL 2020
- CANADA TRADE BALANCE WITH U.S. +CAD8.4B AFTER +CAD10.8B IN FEB
- CANADA TRADE SURPLUS WITH U.S. DOWN FROM JAN RECORD +CAD13.8B
- CANADA GLOBAL MAR TRADE BAL -CAD0.5B, PRIOR -CAD1.4B
