PIPELINE: Corporate Bond Issuance Surge
Surge in corporate bond issuance going into month end, earnings cycle running down another factor.
- Date $MM Issuer (Priced *, Launch #)
- 02/27 $1.5B Colgate-Palmolive 3Y, 5Y, 10Y
- 02/27 $Benchmark Bank of England 3Y +16a
- 02/27 $Benchmark Fiserv 5Y +150a, 10Y +195a
- 02/27 $Benchmark Lloyds 6NC5
- 02/27 $Benchmark Humana 3NC1 +145a, 30Y +200
- 02/27 $Benchmark Williams Cos 3Y +120a, 10Y +190a
- 02/27 $Benchmark Arthur J Gallagher 10Y +180, 30Y +205a
- 02/27 $Benchmark Air Products 10Y +120a
- 02/27 $Benchmark Vulcan Materials 3NC1 +150a
- 02/27 $Benchmark Arrow Electronics 3NC1 +180a
- 02/27 $Benchmark SoCal Edison 5Y +130a, 30Y +195a
- 02/27 $Benchmark DTE Electric 10Y +145a, 30Y +170a
- 02/27 $Benchmark American Electric Power 10Y +190a
- 02/27 $Benchmark NatWest 4NC3 +165a, 11NC10 +240a
- 02/27 $Benchmark John Deere 2Y +50a, 3Y +60a, 3Y SOFR, 5Y +80a
- 02/27 $Benchmark Teva Pharmaceuticals investor calls ($500M each 6.5Y, 8.5Y in addition to EUR issuance)
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USDCAD TECHS: Remains Vulnerable
- RES 4: 1.3751 High Nov 4
- RES 3: 1.3705 Dec 16 and the bull trigger
- RES 2: 1.3665 High Jan 6
- RES 1: 1.3434/3521 20-day EMA / High Jan 19
- PRICE: 1.3334 @ 16:48 GMT Jan 27
- SUP 1: 1.3301 Low Jan 27
- SUP 2: 1.3226 Low Nov 15 and bear trigger
- SUP 3: 1.3205 61.8% retracement of the Aug 11 - Oct 13 rally
- SUP 4: 1.3131 0.764 proj of the Oct 13 - Nov 15 - Dec 16 price swing
USDCAD bearish trend conditions have been reinforced. The move lower Thursday extended through to the Friday close having resulted in a print below initial support at 1.3322. A clear break of this level signals scope for 1.3226, the Nov 13 low and the bear trigger. Moving average studies are in a bear mode position, highlighting a downtrend. On the upside, the pair needs to clear 1.3521 to signal a reversal.
AUDUSD TECHS: Northbound
- RES 4: 0.7245 2.00 proj of the Nov 21 - Dec 13 - Dec 20 price swing
- RES 3: 0.7202 High Jun 9
- RES 2: 0.7172 1.764 proj of the Nov 21 - Dec 13 - Dec 20 price swing
- RES 1: 0.7142 High Jan 26
- PRICE: 0.7108 @ 16:45 GMT Jan 27
- SUP 1: 0.6994/6943 Low Nov 24 / 20-day EMA
- SUP 2: 0.6872 Low Jan 19 and a key support
- SUP 3: 0.6826 50-day EMA
- SUP 4: 0.6688 Low Jan 3 and key support
AUDUSD remains firm and traded higher Thursday. Resistance at 0.7063, the Jan 18 high, has been cleared this week. This has confirmed a resumption of the uptrend and maintains the bullish price sequence of higher highs and higher lows. The focus is on a move to 0.7172 next, a Fibonacci projection. On the downside, short-term support is seen at the 20-day EMA - it intersects at 0.6943.
US TSYS: Late Tsy Roundup: Implied Hike Steady at 25.9Bp Ahead Wed FOMC
- Tsys mildly weaker after the bell, well off late morning lows to near middle of range through early overnight trade. Tsy 30YY currently 3.6306 -.0091, vs. 3.6845% high)
- Higher than expected Japanese CPI data overnight (+4.4% Y/Y; MEDIAN 4.0%; Dec 3.9%) got the ball rolling overnight, Tsys extending lows ahead the NY open.
- Tsys see-sawed off lows drawing modest buying in intermediates to long end after largely in-line data: personal income +0.2%; NOM PCE -0.2%, modest lower revision to prior. Little react to midmorning Pending Home Sales (+2.5% MOM; -33.8% YOY) and UofM sentiment 64.9; est. 64.6.
- Fed funds implied hike for Feb'23 at 25.9bp (-0.7), Mar'23 cumulative at 46.4bp (-0.5) to 4.793%, May'23 56.9bp (+.1) to 4.898%, terminal at 4.905% in Jun'23.
- Focus on next week Wed's FOMC policy annc, dovish risks to this meeting appear at least partly priced in, including some expectations of Statement language acknowledging decelerating inflation, or a clear signal that the end of the hiking cycle is near.
- Next employment report covering January out next Friday as well, current median est at +175k vs. +223k prior..
