EMISSIONS: EUA Auction Calendar Week Ahead (Calendar Week 47)
Nov-13 13:11
A total of 16.8mn EUAs will be auctioned next week across four auction sessions. The latest EU ETS auction cleared at €81.31/ton CO2e, up 1.55% w/w, above the 10, 50 and 100-day averages.
- A total of 603mn EUAs has been auctioned so far this year, accounting for 88% of the 2025 total volume.
- The mean and median market forecasts for EUAs spot price in 2025 Q4 are at €76.98/t and €76.50/t, below the latest auction price, according to Bloomberg.
- The latest auction was at a €0.22/ton CO2e discount to the futures contract, compared with a €0.1/ton CO2e discount in the previous round.
- EUA DEC 25 down 0.48% at 81.52 EUR/t CO2e
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STIR: Effective Fed Funds Rate
Oct-14 13:08
- STIR: FRBNY EFFR for prior session:
- Daily Effective Fed Funds Rate: 4.10% (+0.00), volume: $87B
- Daily Overnight Bank Funding Rate: 4.10% (+0.00), volume: $174B
- US TSYS: Repo Reference Rates
- Secured Overnight Financing Rate (SOFR): 4.15% (+0.02), volume: $2.895T
- Broad General Collateral Rate (BGCR): 4.12% (+0.02), volume: $1.138T
- Tri-Party General Collateral Rate (TCR): 4.12% (+0.02), volume: $1.110T
- (rate, volume levels reflect prior session)
CANADA DATA: Building Permits Point To Renewed Weakness In Residential Activity
Oct-14 13:03
Building permits fell more than expected in August when accounting for downward revisions, led by residential activity, a indication that one of the few brighter spots of growth in the Canadian economy is dimming.
- The 1.2% M/M drop in August (SA) comes on the heels of a 1.1% drop in July (initially -0.1%). And that's the 5th drop in 6 months (June was -9.8%), leaving the level of permit values at a 14-month low.
- Residential permit values fell 2.4% (after +2.7%), with sizeable drops in Ontario and Alberta (total C$744M) offset by rises in BC and Quebec (total C$486M) with non-residential up 0.8% (after -6.6%), led by Ontario and specifically hospital construction permitting in Toronto, per StatCan. Residential permits have fallen by almost one-quarter since the end-2024 peak, with non-residential down around one-fifth from May's peak level (the result of a +32% M/M burst).
- These are extremely volatile data but the direction of travel is looking increasingly clearly weaker in Q3, after residential structures added 0.46pp and non-residential structures 0.33pp to Q2's (-1.6% Q/Q SAAR) growth figure. Demand appears to be easing alongside broader economic uncertainty and lower net immigration.
- We get actual housing starts data for September on Thursday but it's largely been multi-unit starts falling that have led the residential pullback, with a drop of 20% M/M in August.
PIPELINE: Corporate Bond Roundup: $600M KEB Hanna Launched, GS Details
Oct-14 13:01
- Date $MM Issuer (Priced *, Launch #)
- 10/14 $600M #KEB Hana Bank $300M 3Y SOFR+60, $300M 5Y +43
- 10/14 $Benchmark Goldman Sachs 5pt 4NC3 +90a, 4NC3 SOFR, 6NC2 +100a, 6NC5 SOFR, 11NC10 +115a
- 10/14 $3.2B Terawulf 5NC2 investor calls
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