EU CREDIT UPDATE: CREDIT UPDATE: EU Close
Mar-15 16:56
- €IG has reversed this afternoon to be skewed slightly wider - if so it'll break a 6-session/10.5bp rally - it still will end firmly tighter on the week.
- Its hard to blame Reckitt's news/sell-off (its not a credit heavyweight & news is contained to it), broader equities (€IG basket is +0.2%), rates (belly is little changed, +1.5 on the day) or $IG which is still printing tighter for today's weakness.
- Move wider seems to be led by financials so looks to be a paring of a fraction of this weeks gains (financial equities are +0.9%). Primary stayed open with €1.5b pricing, all in financials.
- Reckitt (A3, A-) € lines are heading for a +15-20bp close while sterling 32/38's are +13/15 - its hard to take a view its cheap here given how early we are in the developing situation and little clarity on the number of cases and/or approach it'll take.
- Supply this week was above €30b (expectations ~€21b). Next week's expectations remain muted at ~€20b locally and are for a slowdown to $30b in $IG.
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US: House Intelligence Committee Warns Of Unspecified National Security Threat
Feb-14 16:51
Representative Mike Turner (R-OH), chair of the House Intelligence Committee, has issued a statement warning of an unspecified "serious national security threat," and requesting that President Biden declassify information relating to the threat, "so that Congress, the Administration, and our allies can openly discuss action necessary to respond to this threat."
- White House National Security Advisor Jake Sullivan is scheduled to brief reporters in around 10 mins. Sullivan's briefing has been in the schedule since yesterday and was likely called to urge passage of the USD$95 billion national security supplemental package. However, it is possible he will take questions from reporters on Turner's statement. LIVESTREAM
Figure 1: Statement on National Security Threat
Source: House Permanent Select Committee on Intelligence
MNI EXCLUSIVE: Interview with Fannie Mae Chief Econ
Feb-14 16:49
MNI interviews Fannie Mae chief economist Doug Duncan on U.S. housing inflation -- On MNI Policy MainWire now, for more details please contact sales@marketnews.com
US TSYS: US TSY 17W BILL AUCTION: HIGH 5.215%(ALLOT 17.23%)
Feb-14 16:31
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