CONSUMER STAPLES: Couche-Tard: back-and-forth continues
Mar-26 13:35
(ATDBCN: Baa1/BBB+)
(SVELEV; A2 CW Neg/A CW Neg)
ATD CFO in bbg interview:
- PE firms showing strong interest in the divestment package (~2000 stores, which we see as ~10% of combined US footprint)
- Have until end of March to submit initial interest
- Would offer support for new owner in the first years of operation
- Reiterates access to financial information may help them increase current offer (no NDA signed between the two)
- Will largely be financed with debt, credit ratings may be temporarily downgraded but would go back up in 2-3years
7&i equities little changed in Tokyo. Our view unch on €-levels being tad uninteresting - see Woolworths 7.5y mandate in market for similar carry.
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US TSY FUTURES: March'25/June'25 Treasury Futures Roll Update
Feb-24 13:27
The latest Tsy quarterly futures from March'25 to June'25 below. Heavy overnight volumes as overall percentage complete nears 50% before June takes lead quarterly next week Friday. Current roll details:
- TUH5/TUM5 appr 238,100 from -6.25 to -6.0, -6.12 last, 35% complete
- FVH5/FVM5 appr 896,300 from -3.5 to -2.75, -3.0 last, 37% complete
- TYH5/TYM5 appr 244,200 from -0.25 to 0.00, 0.0 last, 38% complete
- UXYH5/UXYM5 appr 117,400 from 4.75 to 5.0, 4.75 last, 26% complete
- USH5/USM5 appr 109,200 from 5.5 to 6.5, 6.0 last, 34% complete
- WNH5/WNM5 appr 109,000 from 4.5 to 5.0, 4.5 last, 33% complete
- Reminder, March futures won't expire until next month: 10s, 30s and Ultras on March 20, 2s and 5s on March 31. March options expired last Friday.
US: MNI POLITICAL RISK - Speaker Johnson Eyes Tuesday Budget Vote
Feb-24 13:18
Download Full Report Here
- House Speaker Mike Johnson (R-LA) will press forward this week in his bid to adopt a budget resolution to underpin a multi-trillion reconciliation package. A vote this week, without clear GOP support, risks a defeat for Johnson that would hand the initiative back to the Senate, who passed their competing budget resolution last week.
- Johnson and Budget Committee Chair Jodey Arrington (R-TX) are reportedly surveying members about counting the cost of extending the 2017 TCJA as zero.
- BlackRock and the Bipartisan Policy Center are convening a summit of business and political leaders to address the “impending crisis” surrounding Americans’ retirement plans.
- President Trump’s special advisor Elon Musk is facing pushback from other corners of the executive, after DOGE issued a directive for government employees to justify their role or risk having their employment terminated.
- Kremlin spokesperson Dmitri Peskov told reporters this morning that US and Russian officials will hold further talks this week, ahead of another key week of Ukraine diplomacy with French President Emmanuel Macron in Washington today and UK Prime Minister Keir Starmer in Washington Thursday for talks with Trump.
- Macron and Trump will deliver a joint press conference at the White House at 14:00 ET 19:00 GMT.
- Ukraine's deputy prime minister said negotiators “are in the final stages” of talks regarding a minerals deal.
- Poll of the Day: Trump's polling numbers are "flashing yellow".
USD: USDJPY tests a new intraday high.
Feb-24 13:16
- The USDJPY is close to achieving another 100 pips traded range as it pushes to session high, on the back of selling interest in US Treasuries (tick higher in Yield).
- There isn't much in terms of Technical at current levels and some will look at 150.74 initially, this was Friday's high.
