US DATA: Core Orders Flat Whilst Aircraft Orders Surge
Apr-24 12:54
- Durable goods orders surged 9.2% M/M (sa, cons 2.0%) in March preliminary data after 0.9% M/M (initially 1.0%) in February.
- Core orders meanwhile were as expected, and tepid, at 0.1% M/M (cons 0.1) after -0.3% M/M (initially -0.3%).
- The wedge came as nondefense aircraft & parts orders surged 139% M/M after -7.4% in Feb and 93% in Jan. See the levels of new orders in the chart below.
- Whilst core orders have essentially paused in Feb and March, prior momentum still points to a healthy 3m/3m rate of 5% annualized although this could fade ahead. The Y/Y meanwhile runs at 1.8%.
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EGB SYNDICATION: France: 0.95% Jul-43 OATei tap: Allocations
Mar-25 12:52
- Spread set earlier: 1.80% OATei RY +10bps (Guidance was + 12bps area)
- Hedge ratio: 76% vs 1.80% OATei
- Size: E3bln (MNI expected E3-4bln)
- Books closed in excess of E45bln (inc E3bln JLM interest)
- Settlement: 1 April 2025 (T+5)
- ISIN: FR001400QCA1
- Bookrunners: BNPP / CITI(B&D and DM) / CACIB / JPM / MS / SG
- Timing: Allocations are out, pricing later today. Hedge deadline 13:10GMT / 14:10CET
From market source / MNI colour
UK: PM Spox Reiterates Trust In US Intel After Signal Group Leak
Mar-25 12:49
A spokesperson for PM Sir Keir Starmer, when asked about the high-profile leak of comms from a Signal group involving senior US gov't officials discussing the bombing of Houthi rebels in Yemen, says that the UK "will continue to build defence and security relations with the US," and "is confident UK intelligence shared with the US is secure".
- Adds that the UK "will continue to work with the US on regional security in the Middle East", and that the UK-US security relationship "will continue for many years to come."
- Spoaking in a House of Commons Defence Select committee hearing this morning, Parliamentary Under-Secretary of State for the Armed Forces Luke Pollard said, when asked what would happen if there was a similar information breach in the UK, "If anyone was sharing information in our system, that were sharing it outside of the authorised systems that allow data sharing, certainly we would ... have clear procedures in place for how we would address those", indicating that it would result in disciplinary action and possible dismissal. Pollard added "we've got high confidence that the measures that we have got with our allies, including the United States, remain intact."
EGB SYNDICATION: Belgium 10-year USD benchmark: IPTs
Mar-25 12:43
- Kingdom of Belgium USD 10-year Benchmark – IPT @ MS+67A $$$
- Size: USD benchmark
- Maturity: 2 April 2035 (10Y)
- Settlement: 2 April 2025 (T+5)
- Coupon: Fixed, SA 30/360
- Spread: MS+67bps Area (currently equivalent to ~CT10+24.8 bps)
- Bookrunners: CITI(DM/B&D)/JPM/MS
- ISINs: RegS: BE[] / 144A: BE[]
- Timing: Taking IOIs, tomorrow’s business
From market source
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