EM LATAM CREDIT: "El Salvador Bonds Downgraded at BofA" -BBG
Jan-10 17:53
"El Salvador Bonds Downgraded at BofA After IMF-Driven Rally" - BBG
ELSALV 9.65% 2054, $101.72, -.61
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OPTIONS: Very Large Call Fly Structures Traded Wednesday
Dec-11 17:52
Wednesday's Europe rates/bond options flow included:
- ERF5 97.87/98.12 cs vs ERZ4 97.25c, bought the Jan cs for 1.75 up to 2 in 6k.
- ERM5 98.12/98.37/98.62c fly sold at 4.25 in 50k
- SFIH5 95.30p, bought for 1.25 in 5k.
- SFIM5 96.15/96.45/96.75 call fly paper paid 3.75 on 25K
FED: US TSY 9Y-11M AUCTION: NON-COMP BIDS $71 MLN FROM $39.000 BLN TOTAL
Dec-11 17:45
- US TSY 9Y-11M AUCTION: NON-COMP BIDS $71 MLN FROM $39.000 BLN TOTAL
CANADA: Desjardins: Now See Brief BoC Pause In March, Still Eye 2% Terminal
Dec-11 17:34
- “The decision to cut rates another 50 basis points today reflects the BoC’s desire to get to the same destination via a slightly different route than we had anticipated.”
- “That said, the forward guidance accompanying today’s rate decision suggests that the monetary policy reaction function being employed is largely as we had expected.”
- “Our interest rate outlook is, therefore, little changed. Instead of cutting rates 25 basis points at each of its first three decision dates of 2025, we now see the Bank of Canada briefly pausing in March after beginning the year at a lower level. That leaves our mid-2025 and end of year projections intact at 2.75% and 2.25%, respectively.”
- “We are also retaining our call for a terminal rate of 2.00% to be reached in 2026, in light of our forecast that Canada will face at least some tariffs on exports headed to the US.”
