PIPELINE: Corporate Bond Update: Over $9.5B Debt to Issue Wednesday
- $9.65B to price Wednesday, $56.05B/wk
- Date $MM Issuer (Priced *, Launch #)
- 11/05 $1.7B #Transcontinental Gas Pipeline $1B 10Y +95, $700M 30Y +105
- 11/05 $1.25B #Intercontinental Exchange $600M 3Y +45, $650M +5Y +60
- 11/05 $1.25B #Equinix 5Y +85
- 11/05 $1B #Santos Finance 10Y +168
- 11/05 $850M #AviLease Capital 5Y +110
- 11/05 $750M #Apollo Global Mgt $400M 5Y +85, $350M 8/35 Tap +110
- 11/05 $750M #CBRE Services 7Y +98
- 11/05 $600M #Mattel 5Y +130
- 11/05 $500M #Polaris +5Y +185
- 11/05 $1B *KEPCO $600M 3Y SOFR+62, $400M 5Y +47
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USDJPY TECHS: Gaps Higher
- 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: 150.48 High Oct 6
- PRICE: 150.07 @ 16:28 BST Oct 6
- SUP 1: 149.05 Intraday low
- SUP 2: 147.86 20-day EMA
- SUP 3: 146.53 Trendline support drawn from the Apr 22 low
- SUP 4: 145.49 Low Sept 17
USDJPY has started the week on a strong bullish note, gapping higher. Monday’s rally has resulted in a breach of resistance at 149.96, the Sep 26 high and a key short-term resistance. This paves the way for a test of the key medium-term resistance at 150.92, the Aug 1 high. A break of this hurdle would confirm a resumption of the bull leg that started Apr 22. Monday’s intraday low at 149.05 is the first support.
BONDS: OAT/GILT/BTP Largely Maintain Recent Trends (2/2)
Elsewhere in European bond futures positioning:
- OAT: OAT structural positioning continues to hold in in flat territory as with most of 2025. Last week's trade was indicative of short cover.
- GILT: Gilt structural positioning has swung back to short territory after being "flat" for most of late Aug/early Sep. Last week saw some short covering.
- BTP: BTP remains in its habitual "very long" territory, though is off the extreme longs seen in the summer. Trade indicative of further long-setting was seen in the most recent week.
US: Republicans Get Slightly More Blame Than Democrats For Govt Shutdown
A new survey from CBS News/YouGov has found, “For many Americans, across party lines, concern over the government shutdown means concern about its potential impact on the economy, among other things. Therefore, many don't think either party's position is worth having a shutdown over. Given that, no one is looking especially good politically at the moment. President Trump, congressional Democrats, and Republicans are all net negative on their handling of the shutdown thus far.”
- CBS notes, “Relatively few Americans say the Democrats' or Republicans' positions are worth a shutdown. As it is still fairly recent, many aren't sure yet… There's plenty of that blame to go around. Republicans and the president get relatively more than congressional Democrats, but taken together with Americans who blame both equally, a majority of the country holds all of them responsible.”
- Punchbowl News' Canvass survey found that "More than half of top Capitol Hill staffers (58%)” say the GOP is to blame for the shutdown.
Figure 1: % Blame the most for the government shutdown
Source: CBS News/YouGov
