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A new survey from Marquette Law School has found that President Donald Trump’s approval is lagging on issues considered the most important by US voters, including inflation and the economy. 

• Marquette: “Across seven specific issues, approval of the president’s job performance ranges from a high of 56% on border security to a low of 34% on inflation and the cost of living.”
• Marquette: “Inflation and cost of living is rated the most important issue by 36%, followed by threats to democracy at 19% and the economy at 13%. Medicare and Social Security is rated the fourth most important issue at 10%, followed by immigration at 9%. The federal budget deficit is seen as most important by 4%, health care by 3%, abortion policy by 2%, and foreign policy by 2%.”

Figure 1: Trump Job Approval Across Issues

Source: Marquette Law School 

• Date $MM Issuer (Priced *, Launch #)
• 05/21 $6.5B #Citibank $2.25 B2Y +58, $1.25B 2Y SOFR, $2.5B 5Y +78, $500M 5Y SOFR
• 05/21 $4B *ADB 5Y SOFR+42
• 05/21 $2B #Turkiye 7Y 7.45%
• 05/21 $2B #CoreWeave 5NC2 9.25%
• 05/21 $2B #BPCE $1B 6NC5 +125, $1B 11NC10 +145
• 05/21 $1.5B *OKB 3Y +34
• 05/21 $1.25B *Kommunalbanken +5Y SOFR+49
• 05/21 $1B #Northwestern Mutual Life 30Y +135a
• Expected Thursday:
• 05/21 $1B Finnvera WNG 5Y SOFR+53a

From our Europe Pi update out earlier (PDF is Here)

• GERMANY: German contracts are fading some of the long lean seen in April. Schatz remains "very long" for now. Bobl however has left long territory and is now flat. Bund and Buxl each remain in flat positioning. Shorts were set in Buxl in the past week, with longs set in Schatz, Bobl and Bund. 

• OAT: OAT remains in "flat"  structural positioning, where it has been for all of May after a spell in short territory in March/April. The most recent week's trade was indicative of long setting.
• GILT: Gilt structural positioning remains "very long" into the roll, compared with "flat" where it spent most of the prior 7 months. The latest week saw some some shorts set. 
• BTP: BTP remains in its typical "long" territory. Trade indicative of short covering was seen in the most recent week.