PIPELINE: Corporate Bond Roundup: $600M Marsh McLennan 10Y Priced
- Date $MM Issuer (Priced *, Launch #)
- 02/11 $1.5B #First Quantum 10NC5 6.375%
- 02/11 $600M *Marsh McLennan 10Y +78
- 02/11 $Benchmark Citadel Finance investor calls
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EURGBP TECHS: Bear Threat Remains Present
- RES 4: 0.8797 High Dec 17
- RES 3: 0.8774 High Dec 19
- RES 2: 0.8732 50-day EMA
- RES 1: 0.8703 Low Dec 30
- PRICE: 0.8670 @ 16:32 GMT Jan 12
- SUP 1: 0.8644 Low Jan 6
- SUP 2: 0.8633 Low Sep 15
- SUP 3: 0.8620 38.2% retracement of the Dec ‘24 - Nov ‘25 bull cycle
- SUP 4: 0.8597 Low Aug 14
A sharp sell-off in EURGBP early last week confirms a resumption of the current bear cycle. Note that moving average studies are in a bear-mode position, highlighting a dominant downtrend. Scope is seen for a move towards 0.8620, a Fibonacci retracement point. On the upside, resistance to watch is 0.8732 the 50-day EMA. A break of this average would highlight a possible reversal.
PIPELINE: Corporate Bond Update: Waiting on Indonesia 3Pt US$ Debt Launch
- Date $MM Issuer (Priced *, Launch #)
- 01/12 $3B #Energy Transfer 5Y +110a, 10Y +145a, 30Y +175a
- 01/12 $2.25B #Vistra Operations $1B 5Y +95, $1.25B 10Y +120
- 01/12 $1.75B #National Bank of Canada $1.25B 3NC2 +63, $500M 3NC2 SOFR+77
- 01/12 $700M *POSCO $400M 5Y +75. $300M 10Y +90
- 01/12 $Benchmark Rep of Indonesia +5Y 4.7%a, +10Y 5.3%a, +30Y 5.8%a
- 01/12 $Benchmark investor calls: Jefferies, Triton Int, Rithm Capital, Telecom Argentina, Azule Energy
- Expected Tuesday:
- 01/13 $Benchmark MuniFin WNG 4Y SOFR
US: Trump's Fusion Of Public And Private Breaks US Historical Precedent
Scott Lincicome at the Cato Institute writes that US President Donald Trump’s fusion of public and private ownership is “a truly radical break from how the United States has done business for a century.”
- Bruce Mehlman notes on the Cato report, “The US government hadn’t taken a direct stake in a healthy commercial firm since at least the 1950s. [In 2025 it took] FOURTEEN, and more are on the way.”
- The figures above don't include other state funding initiatives that Trump has championed in recent weeks in a bid to address affordability, including a proposed USD$200 billion purchase of mortgage bonds to bring down housing costs.
Figure 1: Direct Stakes in Private Companies Taken by the Trump Admin in 2025
Source: Cato Institute, NYT, Bloomberg, Reuters, CNBC
