PIPELINE: Corporate Bond Update: October Going Out With Bang
$30B Meta 6pt jumbo leads - 5th largest on record (matching $30B AbbVie jumbo 10-part on 11/12/19, and $30B ATT/Discovery 11pt via Magallanes inc on 3/922). Still waiting for NatWest 3pt details
- Date $MM Issuer (Priced *, Launch #)
- 10/30 $30B #Meta $4B 5Y +50, $4B 7Y +70, $6.5B 10Y +78, $4.5B 20Y +88, $6.5B 30Y +98, $4.5B 40Y +110
- 10/30 $5B #HSBC $2.25B 6Y +90, $500M 6Y SOFR+119, $2.25B 11Y +105
- 10/30 $2.8B #Santander $1.25B 5Y +83, $300M 5Y SOFR+112, $1.25B 10Y +103
- 10/30 $Benchmark NatWest 3Y +57, 3Y SOFR, 5Y +70
- 10/30 $700M *PPG Industries +5Y +70
- 10/30 $500M #MSCI +10Y +110
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USDJPY TECHS: Trading Above Support
- RES 4: 151.62 61.8% retracement of the Jan 10 - Apr 22 bear leg
- RES 3: 151.21 High Mar 28
- RES 2: 150.92 High Aug 1 and a key resistance
- RES 1: 149.96 High Sep 26 and the bull trigger
- PRICE: 147.96 @ 16:33 BST Sep 30
- SUP 1: 147.59 50-day EMA
- SUP 2: 146.77 Low Sep 18
- SUP 3: 145.49 Low Sep 17 and a pivot support
- SUP 4: 144.23 Low Jul 7
USDJPY has pulled back from last week’s high print. The move down - for now - appears corrective. Moving average studies are in a bull-mode position, highlighting a dominant uptrend. Support to watch lies at 147.59, the 50-day EMA. Pivot support has been defined at 145.49, the Sep 17 low. A resumption of gains would signal scope for a climb towards key resistance at 150.92, the Aug 1 high.
LOOK AHEAD: Wednesday Data Calendar - In Light of Potential Shutdown
In the event of a government shutdown tonight - most of Wednesday's scheduled data should be released as most are generated by non-govt firms. Construction Spending the lone exception tomorrow as the U.S. Census Bureau is the source. Updates to follow if/when an announcement of a closing is made.
- US Data/Speaker Calendar (prior, estimate)
- 10/01 0700 MBA Mortgage Applications (0.6%, --)
- 10/01 0815 ADP Employment Change (54k, 51k)
- 10/01 0945 S&P Global US Manufacturing PMI (52.0, 52.0)
- 10/01 1000 ISM Manufacturing (48.7, 49.0)
- 10/01 1000 ISM Prices Paid (63.7, 62.9)
- 10/01 1000 ISM New Orders (51.4, --)
- 10/01 1000 ISM Employment (43.8, --)
- ** 10/01 1000 Construction Spending MoM (-0.1%, -0.1%) **
- 10/01 1130 US Tsy 17W bill auction
- 10/01 1215 Richmond Fed Barkin moderated discussion on economy (text)
- 10/01 ---- Wards Total Vehicle Sales
- Source: Bloomberg Finance L.P. / MNI
US TSY FUTURES: BLOCK: Massive Dec'25 10Y Sale
- -30,000 TYZ5 112-17.5, sell through 112-18.5 post time bid at 1344:24ET, DV01 $2.032M
- The 10Y contract has since bounced off 112-17 post cross low to 112-18.5 last (+2)
