PIPELINE: Corporate Bond Roundup: Over $32B to Price Wednesday
At least $32.45B corporate debt issued/to price Wednesday. Still waiting on BNP Paribas and Mutual of Omaha, see below:
- Date $MM Issuer (Priced *, Launch #)
- 01/07 $4.5B *Quebec 5Y SOFR+45
- 01/07 $3.5B #Turkiye +2B 7Y 6.35%, $1.5B 12Y 6.9%
- 01/07 $2.6B #Toyota Motor Cr $750M 2Y +32, $600M 2Y SOFR+45, $750M 5Y +52, $500M 10Y +67
- 01/07 $2.25BB #BFCM $1.5B 5Y +85, $750M 10Y +97
- 01/07 $2B *BNG Bank 10Y SOFR+54
- 01/07 $2B #Bank of Hapoalim $1B 3.5Y +120, $1B 7Y +135
- 01/07 $2B #T-Mobile USA $1.15B 10Y +87, $850M 30Y +103
- 01/07 $1.8B #Rabobank $400M 2Y +28, $500M 2Y SOFR+41, $500M 5Y +47, $400M 5Y SOFR+70
- 01/07 $1.5B *Kommunalbanken 5Y SOFR+38
- 01/07 $1.1B #Bank of Montreal 6NC5 +75
- 01/07 $1B *Council of Europe (CoE) Dev Bank 5Y SOFR+31
- 01/07 $1B #Daimler Truck NA $600M 3Y +67, $400M +5Y +83
- 01/07 $1B #Niagara Mohawk Power $650M 10Y +97, $350M 2055 tap +107
- 01/07 $1B *Riyad Bank 10NC5 +210
- 01/07 $1B #Aldar 30.25NC7.25 5.95%
- 01/07 $1B *AIIB 10Y SOFR+43
- 01/07 $850M #Rep of Chile +5Y +68
- 01/07 $750M *First Abu Dhabi Bank (FAB) 5Y +60
- 01/07 $600M #Met Tower 3Y +52
- 01/07 $500M *FMO 2.5Y SOFR+25
- 01/07 $500M #Banco Actinver WNG 12Y +155
- 01/07 $Benchmark Mutual of Omaha 5Y +85
- 01/07 $Benchmark BNP Paribas 8NC7 +102
- Expected Thursday:
- 01/08 $Benchmark OKB 5Y SOFR+37a
- 01/08 $Benchmark CAF 10Y SOFR+90a
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Historical bullets
GBPUSD TECHS: Holding On To Recent Gains
- RES 4: 1.3471 High Oct 17
- RES 3: 1.3452 50.0% retracement of the Sep 17 - Nov 4 bear leg
- RES 2: 1.3416 High Oct 21
- RES 1: 1.3385 High Dec 04
- PRICE: 1.3314 @ 16:31 GMT Dec 8
- SUP 1: 1.3264 50-day EMA
- SUP 2: 1.3226 20-day EMA
- SUP 3: 1.3180/25 Low Dec 2 / Low Nov 26
- SUP 4: 1.3038/10 Low Nov 20 / Low Nov 4 & 5 and the bear trigger
A bull theme in GBPUSD remains intact and the pair is holding on to its recent gains. The breach of resistance around the 50-day EMA, at 1.3264, undermines a recent bearish theme and highlights a stronger reversal. This paves the way for an extension towards 1.3452, a Fibonacci retracement point. Initial firm support is seen at 1.3226, the 20-day EMA. A move below this average would be a bearish development.
US: FED Reverse Repo Operation
RRP usage inches up to $1.703B with 6 counterparties this afternoon from $1.485B Friday. Compares to Tuesday November 18: $0.905B - lowest level since mid-March 2021; this years highest excess liquidity measure: $460.731B on June 30.
PIPELINE: Corporate Bond Update: $1.25B BNP Paribas Debt Launched
Date $MM Issuer (Priced *, Launch #)
12/08 $1.25B #BNP Paribas PerpNC8 6.875%
12/08 $750M Level 3 Financing 10NC5 8.5%a
12/08 $600M #Guardian Life 5Y +65
12/08 $500M #Equitable America Global Funding 3Y +70
