EU CREDIT SUPPLY: €€€ P3 Group (PTHREE) EUR 350mm Long 5-year - ALLOCATIONS

• Treasury futures dipped/rebound - still hold overnight range after ADP NER Pulse weekly employ +16,250 vs. +4,750 prior
• Currently, TYH6 trades 112-11.5 (+2.5) vs. 112-09 low / 112-14 high.
• Curves mildly flatter: 2s10s -.598 at 66.071, 5s30s -.780 at 111.273.
• Bbg US$ index near lows: BBDXY at 1203.90 -2.14.

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Executive summary:

• Vice President JD Vance delivers remarks in Alburtis, PA, at 10:00 ET 15:00 GMT on the topic of ‘making America affordable again’.
• Efforts to extend tax credits under the Affordable Care Act continue in both the House and the Senate apace, even though, given the short deadlines, these subsidies will expire at year’s end before any deal will be in place.
• Secretary of War/Defense Pete Hegseth, Secretary of State Marco Rubio and Chair of the Joint Chiefs of Staff Gen. Dan Caine are due to deliver classified briefings to the Senate and the House regarding the ongoing military actions in the Caribbean and the eastern Pacific.
• Two days of talks in Berlin between Ukrainian officials and a US delegation led by presidential envoy Steve Witkoff and President Trump’s son-in-law Jared Kushner concluded on 15 December.  Post-meeting comments from European, US and Ukrainian politicians and officials, at least at first glance, appeared positive towards progress on a peace deal framework.
• Poll of the Day: Economic issues and splits in base push GOP supporters back towards 'traditional Republican' stances. 

Portugal has announced it will be looking to buy back the following tomorrow, December 17, with bids to be handed in from 10:00 to 10:30 GMT:

• the 2.875% Jul-26 OT (ISIN: PTOTETOE0012)
• the 4.125% Apr-27 OT (ISIN: PTOTEUOE0019)
• the 0.70% Oct-27 OT (ISIN: PTOTEMOE0035)