EU CREDIT SUPPLY: EUR/GBP Primary Recap (Provisional BBG Data)
Jun-04 13:24
| €IG B'mark Deals (excl. FRNs/hybrids): | ||||
| Bond Count | 7 | (6 Corp/1 FIG) | ||
| Amount Issued | 3.75bn | (81%/19%) | ||
| Average Δ IPT | 33bp | |||
| Avg/Median NIC | 1bp/0bp | |||
| Average Cover | 5.2x | (as of FT) | ||
| Average Δ Book | +20% | (first to FT) |
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JPY: The Yen is now the best performer in G10
May-05 13:19
- Close to 150 pips range for the USDJPY, the Yen has taken over the AUD as the best performer in G10 against the Greenback.
- The cross has fully cleared Friday's low that was situated at 143.73, and the next support will now be seen at 142.88, last Thursday's low.
US TSYS: Surprise Corporate Issuance Weighs on Tsys
May-05 13:07
- On an otherwise quiet start to a FOMC week and spring holiday closures -- today's potential outsized corporate issuance from Apple Inc and Comcast likely tempered the recent bounce in Tsys - spec-tied selling ahead of rate lock hedging has pushed futures back near early overnight lows:
- Tsy Jun'25 10Y back to steady at 111-05 after rising to 111-13.5 (+8.5) ahead of the opening bell, early overnight low at 111-04.5. Initial technical support is at 111-02 (Low Mar 2 / 50-dma) followed by 110-30.5 (50-day EMA). A clear breach of this average would strengthen a bearish threat and expose 110-16+, the Apr 22 low.
PIPELINE: Corporate Bond Update: Apple Inc, Comcast Guidance & Historicals
May-05 12:57
- Apple and Comcast deals likely to lead today's corporate bond issuance. Estimates for Apple issuance range from $5-10B today based on issuance size and frequency over the last five years (though Apple did make it into the top 20 list of largest issuance with $17B on April 30, 2013).
- As for Comcast, estimate for today's 3pt deal is under $5B based on issuance over the last five years ($2-4B), though Comcast is in the top 10 largest issuance with $27B over 12 tranches on October 2, 2018 -- reportedly for Sky PLC financing.
- Date $MM Issuer (Priced *, Launch #)
- 05/05 $Benchmark Apple Inc 3Y +45a, 5Y +50a, 7Y +60a, 10Y +70a
- 05/05 $Benchmark Comcast 7Y +115a, 10Y +130a, 30Y +155a
- 05/05 $Benchmark American Int Group 5Y, 10Y, details TBA
- 05/05 $Benchmark ADP 7Y +80a
