PIPELINE: Corporate Bond Update: Expanding Docket
Aug-06 12:55
* Date $MM Issuer (Priced *, Launch #) * 08/06 $Benchmark Alphabet 10-pt: 2Y +60a, 2Y SOFR, 3Y +70a,...
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MNI: US REDBOOK: STORE SALES +11.5% WK ENDED JUL 04 VS YR AGO WK
Jul-07 12:55
- MNI: US REDBOOK: STORE SALES +11.5% WK ENDED JUL 04 VS YR AGO WK
- US REDBOOK: JUL STORE SALES +10.1% VS YR AGO MO
US DATA: Further Steady Moderation In Weekly ADP From Early May Peak
Jul-07 12:37
- ADP private employment increased an average 21k in the four weeks to Jun 20.
- It's the softest reading since mid-March as the weekly tracker continued to slowly moderate after some particularly strong ~40k increases in late March/early April and then again in early May.
- This is a monthly equivalent of 84k vs the 97k in the previous week (chiming with the 98k in the May monthly report and its reference period including the 12th day of the month) and 123k in early June.
- As we have often noted this year, the ADP series, at least prior to any major revisions, have shown a smoother jobs growth trajectory than the noisier BLS series since late 2025.
- For now, the ADP series sees a further recent moderation in jobs growth although it still compares favorably to the 33k monthly jobs growth averaged through 2025.
EU-BOND SYNDICATION: 5/20-year Oct-31 / 4.00% Oct-46 EU-bond: Priced
Jul-07 12:33
New 5-year 2.875% Oct-31 EU-bond
- Reoffer: 99.662 to yield 2.947%
- Spread set earlier at 2.50% Oct-30 EU-bond + 10 bps (guidance was 2.50% Oct-30 EU-bond + 12 bps area)
- Size: E6bln (sized up from an earlier E5bln, MNI base case was E5bln with risks of E6-7bln)
- Books closed above E83bln (inc EUR 6.1bln JLM)
- HR: 122% vs 2.50% Oct-30 EU-bond (ISIN: EU000A4EG021). Ref 98.615 / 2.847%
- Bobl ref: 2.50% Apr-31 Bobl + 26.0bp @ 99.155
- Maturity: 13 October 2031
- Coupon: 2.875%. Short first
- ISIN: EU000A4EXVK3
- Timing: TOE 13:18BST / 14:18CET. FTT immediately
20-year 4.00% Oct-46 EU-bond
- Reoffer: 99.759 to yield 4.018%
- Spread set earlier at 3.75% Oct-45 EU-bond + 6 bps (guidance was 3.75% Oct-45 EU-bond + 8 bps area)
- Size: E5bln (MNI expected E3-5bln)
- Books closed above E94bln (inc EUR 4.65bln JLM)
- HR: 105% vs Dec-45 EU-bond (ISIN: EU000A4EA8Y7). Ref 97.215 / 3.958%
- Bund ref: 2.50% Aug-46 Bund + 55.5bp @ 86.213
- Timing: TOE 13:17BST / 14:17CET. FTT immediately
For both:
- Settlement: 14 July 2026 (T+5)
- JLMs: DB / HSBC / LBBW / MS (DM/B&D) / SG
From market source / MNI colour
