PIPELINE: Corporate Bond Issuance Update
Jan-22 18:30
Wrapping up midweek corporate bond issuance: $8.8B to Price Wednesday
- Date $MM Issuer (Priced *, Launch #)
- 01/22 $2.75B #PNC Financial $1B 6NC5 +80, $1.75B 11NC10 +98
- 01/22 $1.5B *OPEC Fund 3Y SOFR+64
- 01/22 $1.25B *CDC 3Y SOFR+57
- 01/22 $1.05B #Bank of Montreal $750M 4NC3 +67, $300M 4NC3 SOFR+86
- 01/22 $1B #Blackstone Private Cr Fund 7Y +175
- 01/22 $750M #Penske 5Y +85
- 01/22 $500M *FMO +3Y +35
- Expected to issue Thursday:
- 01/23 $Benchmark KDB 3Y SOFR+58a, 5Y SOFR+77a
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GBPUSD TECHS: Challenges Key Support
Dec-23 18:30
- RES 4: 1.3048 High Nov 6 and a key resistance
- RES 3: 1.2961 50.0% retracement of the Sep 26 - Nov 22 bear leg
- RES 2: 1.2811 High Dec 6 and a short-term bull trigger
- RES 1: 1.2670/1.2729 20-day EMA / High Dec 17
- PRICE: 1.2516 @ 16:32 GMT Dec 23
- SUP 1: 1.2476 Low Dec 20
- SUP 2: 1.2446 Low May 9
- SUP 3. 1.2400 Round number support
- SUP 4: 1.2367 76.4% retracement of the Oct 4 ‘23 - Sep 26 uptrend
A bearish trend structure in GBPUSD remains intact and last week’s move lower reinforces current conditions. Key support at 1.2487, the Nov 22 low, was pierced on Friday. A clear breach of this level would confirm a resumption of the downtrend and open 1.2446 next, the May 9 low. Moving average studies are in a bear-mode position, highlighting a dominant downtrend. Key resistance to monitor is 1.2811, the Dec 6 high.
STIR: FED Reverse Repo Operation
Dec-23 18:25
RRP usage climbs to $116.004B this afternoon from $98.356B last Friday - the lowest level since mid-April 2021. The number of counterparties climbs to 47 from 40 prior.
US TSYS/SUPPLY: Review 2Y Note Auction: On the Screws
Dec-23 18:04
- Tsy futures holding near recent session lows after the $69B 2Y note auction (91282CME8) came out on the screws: 4.335% high yield vs. 4.335% WI; 2.73x bid-to-cover vs. 2.77x prior.
- Indirect take-up climbed to 82.09% from 71.63% prior, directs slips to 6.65% vs. 19.17% prior, primary dealer take-up 11.26% vs. 9.20% prior.
- The next 2Y auction is tentatively scheduled for January 27.
