EUROZONE ISSUANCE: EGB Supply – W/C 20 October (2/2)

Ukrainian President Volodymyr Zelenskyy confirmed to reporters that Kyiv will receive air defence missiles for NASAMS and Patriot systems in the first US military aid package facilitated by the 'PURL' mechanism.

• Reuters reported yesterday that Undersecretary of Defense for Policy at the Pentagon, Elbridge Colby, “has approved as many as two $500 million shipments under the new mechanism called the Prioritized Ukraine Requirements List, known under the acronym PURL.” In total, PURL is expected to deliver roughly USD$10 billion in US weapons to Ukraine, funded by NATO partners in Europe via PURL.
• The Kyiv Independent notes, “Since taking office in 2025, U.S. President Donald Trump's administration has sold weapons to Ukraine or shipped deliveries authorized under former U.S. President Joe Biden. The new mechanism marks the first aid packages initiated during Trump's second term.”
• UK Prime Minister Sir Keir Starmer is expected to advance Europe’s case for stepping up pressure on Russia at a bilateral meeting with Trump at the Prime Minister’s Chequers residence tomorrow.
• Politico cautions against expecting any major breakthroughs but reports the two could strike an agreement on “lowering the price cap set on Russian oil, which the EU and U.K. have lowered while the US has not,” and Trump could “join European sanctions on individual Russian ships.” 

No new issuance today, sidelined ahead of this afternoon's FOMC policy annc. $20.25B Priced Tuesday.

• Date $MM Issuer (Priced *, Launch #)
• 09/16 $8B *Mexico $1.5B +5Y +123, $4B +7Y +165, $2.5B 10Y +165
• 09/16 $2B *Phillips 66 $1B each: 30.5NC5.25 5.875%, 30.5NC10.25 6.2%
• 09/16 $1.75B *World Bank 7Y SOFR+50
• 09/16 $1.6B Directv 8.875% 2030 Tap 
• 09/16 $1.5B *ZF N America 5.5NC 7.5%
• 09/16 $1.1B *Southern Power $550M each: 5Y +70, 10Y +90
• 09/16 $1B Solstice Advanced Materials 8NC3 5.625%
• 09/16 $800M *Carlyle 10Y +105
• 09/16 $700M Lucky Strike 7NC3 7%a
• 09/16 $750M Chord Energy 5NC2 6%
• 09/16 $550M *Transurban 10.5Y +90
• 09/16 $500M *Melco Res 8NC3 6.875%

• -6,028 UXYZ5 116-06.5, sell through 116-07.5 post time bid at 1019:41ET, DV01 $552,000.
• The 10Y Ultra contract trades 116-07.5 last (+0.00)