STIR: Fed Pricing Little Changed Following Claims, Just Over 50bp Cuts Thru Dec
Jul-10 12:45
Very modest hawkish adjustments in Fed pricing following the lower-than-expected weekly initial jobl...
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PIPELINE: Corporate Bond Update: US$ Issuer List Expanding
Jun-10 12:44
- Date $MM Issuer (Priced *, Launch #)
- 06/10 $750M Colonial Pipeline 8NC3
- 06/10 $500M PVH Corp WNG 5Y +160a
- 06/10 $500M CAF WNG Perp5.5 7.125%a
- 06/10 $Benchmark Experian Finance 10Y +110a
- 06/10 $Benchmark Omega Healthcare 5Y +160a
- 06/10 $Benchmark Lloyds 4NC3, 4NC3 SOFR, 11NC10
- 06/10 $Benchmark ANZ 3Y +60a, 3Y SOFR, 11NC10 +165a
- 06/10 $Benchmark M&T 3NC2 +105a, 3NC2 SOFR, 6NC5 +135a
- 06/10 $Benchmark Bahamas investor calls
US TSYS: US Tnotes is slowly ticking higher
Jun-10 12:42
- The US Tnotes isn't seeing much traction on the push higher today, although it is testing the session high, this has mostly been led by EGBs and the UK Gilt so far today.
- Looking at the TYU5 chart, a test back to 110.21 would mean a reversal of the US NFP sell off, but the contract did print a 110.29+ high last Friday during the earlier EU session, pre NFP.
STIR: 50bp Of BoE Cuts Priced Through Dec For First Time In Neatly One Month
Jun-10 12:27
BoE-dated OIS now fully discounts 50bp of easing through year-end for the first time since May 13 (the day of the prior UK labour market report).
- The 50bp of easing priced through December compares to 48bp priced mid-London morning and ~41bp priced late yesterday.
- Today's move has been driven by the latest labour market data, with our macro team noting plenty of dovish details under the hood. That will be summarised in our full data review later today.
BoE Meeting | SONIA BoE-Dated OIS (%) | Difference vs. Current Effective SONIA Rate (bp) |
Jun-25 | 4.210 | -0.2 |
Aug-25 | 4.016 | -19.6 |
Sep-25 | 3.947 | -26.4 |
Nov-25 | 3.787 | -42.5 |
Dec-25 | 3.712 | -50.0 |
Feb-26 | 3.607 | -60.5 |
Mar-26 | 3.578 | -63.3 |
