LATAM: Colombia's Petro Calls For Power Sharing Agreement In Venezuela

Nov-21 17:17

Colombian President Gustavo Petro issued a statement on X suggesting that a power sharing agreement between the government of Venezuelan President Nicolás Maduro and the opposition could offer a route out of the political crisis and military tensions with the United States. 

  • Petro noted that he "actively participated in seeking a national dialogue in Venezuela, and I mediated something between the Maduro government and the Biden government, before the elections."
  • Petro continued, "A shared transitional government to convene a broad popular will that decides on agreements and can open paths to democracy, without undue pressures."
  • Bloomberg notes, "Petro’s comments mark a shift in his approach to resolving Venezuela’s protracted political turmoil. Until now, he had called for the country’s presidential election to be repeated."
  • Bloomberg adds, "Earlier this week, Colombia’s Foreign Affairs Minister Rosa Villavicencio told Bloomberg that Colombia backed a transition plan, which included offering Maduro a safe exit. Her office later attempted to walk back the comments, saying that it was an internal Venezuelan matter and that Colombia respects its neighbor’s sovereignty."
  • A short time ago, five House Democrats announced legislation designed to cut funding for US military operations in or against Venezuela. Despite reportedly broad bipartisan support, the US Senate has twice blocked a war powers resolution aimed at preventing Trump from conducting strikes against Venezuela.
  • While Congressional action remains a long shot route to curbing US operations, a string a public setbacks for Trump in recent weeks suggests the US may be headed for a period of increased Congressional independence. 

Historical bullets

PIPELINE: Corporate Bond Update: GM Financial, Softbank Launched

Oct-22 17:15
  • Date $MM Issuer (Priced *, Launch #)
  • 10/22 $2B #Softbank $900M 35.5NC5.5 7.625%, $1.1B 40NC10 8.25% (includes E750M 37NC7)
  • 10/22 $1.5B #Alberta 10Y SOFR+81
  • 10/22 $1B Rep of Korea WNG 5Y +17
  • 10/22 $1B #GM Financial 3Y +78
  • 10/22 $Benchmark Dominican Republic 10Y 6.0%
  • 10/22 $Benchmark Pershing Square 7Y investor calls

US TSYS/SUPPLY: Review 20Y Bond Auction

Oct-22 17:04

Treasury futures gain slightly (TYZ5 113-24 +0.0) after $13B 20Y Bond auction re-open (912810UN6) stopped through - drawing a high yield of 4.506% vs 4.517% WI at the cutoff; 2.73x bid-to-cover vs. 2.74x prior.

  • Peripheral stats: indirect take-up dips to 63.63% vs. 64.6% prior; direct bidder take-up 26.33% from 27.9% prior; primary dealer take-up rises to 10.04% vs. 7.5% prior.

FED: US TSY 19Y-10M BOND AUCTION: HIGH YLD 4.506%; ALLOT 56.07%

Oct-22 17:02
  • US TSY 19Y-10M BOND AUCTION: HIGH YLD 4.506%; ALLOT 56.07%
  • US TSY 19Y-10M BOND AUCTION: DEALERS TAKE 10.04% OF COMPETITIVES
  • US TSY 19Y-10M BOND AUCTION: DIRECTS TAKE 26.33% OF COMPETITIVES
  • US TSY 19Y-10M BOND AUCTION: INDIRECTS TAKE 63.63% OF COMPETITIVES
  • US TSY 19Y-10M BOND AUCTION: BID/COV 2.73