COLOMBIA: Fitch Revises Sovereign Rating Outlook to Negative
Mar-06 19:02
- “Fitch revised the Outlook on Colombia's ratings to Negative from Stable on the deterioration in its fiscal position and uncertain prospects for corrective measures. The central government fiscal balance for 2024 came in at 6.7% of GDP, sharply underperforming Fitch's forecast of 5.6% of GDP, mainly due to revenue shortfalls and an inability to implement offsetting spending cuts.” – Fitch
- "Fitch believes that fiscal risks are tilted to the downside as the government will continue to struggle to meet fiscal targets and debt to GDP will continue to rise over the forecast period."
- Full Fitch report here.
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USDJPY TECHS: Short-Term Trend Needle Points South
Feb-04 19:00
- RES 4: 159.45 High Jul 12
- RES 3: 159.26 0.618 proj of the Sep 16 - Nov 15 - Dec 3 price swing
- RES 2: 158.08/87 High Jan 15 / 10 and the bull trigger
- RES 1: 155.72/156.75 20-day EMA / High Jan 23
- PRICE: 154.61 @ 16:44 GMT Feb 4
- SUP 1: 153.72/34 Low Jan 27 / Low Dec 18
- SUP 2: 152.55 61.8% retracement of the Dec 3 - Jan 10 bull leg
- SUP 3: 151.81 Low Dec 12
- SUP 4: 151.06 76.4% retracement of the Dec 3 - Jan 10 bull leg
USDJPY is in consolidation mode. The primary trend condition is bullish, however, the Jan 27 move down highlights a stronger bear threat. The pair has breached the 50-day EMA and a trendline drawn from the Sep 16 ‘24 low. A resumption of the bear leg would open 152.55, a Fibonacci retracement point. Initial firm resistance is at 156.75, the Jan 23 high. Clearance of this hurdle would be a bullish development.
PIPELINE: UPDATE Corporate Bond Issuance Update: $6.065B Foundry JV 5Pt Launched
Feb-04 18:52
- Date $MM Issuer (Priced *, Launch #)
- 02/04 $6.065B #Foundry JV $1B 6Y +120, $1.15B 8Y +150, $1.39B 11Y +160, $1.475B 12Y +170, $1.05B 14Y +180
PIPELINE: Corporate Bond Issuance Update: $4.065B Foundry JV 5Pt Launched
Feb-04 18:49
- Date $MM Issuer (Priced *, Launch #)
- 02/04 $6.065B #Foundry JV $1B 6Y +120, $1.15B 8Y +150, $1.39B 11Y +160, $1.475B 12Y +170, $1.05B 14Y +180
- 02/04 $3B *EIB WNG 10Y +60
- 02/04 $2.5B #NextEra Capital Energy $1.5B 30.5NC5.25 6.375%, $1B 30.5NC10.25 6.5%
- 02/04 $2B *L-Bank $1B 2Y SOF+30, $1B 5Y SOFR+47
- 02/04 $1.5B #BNG Bank 3Y SOFR+37
- 02/04 $1.25B #BNY Mellon 6NC5 +62
- 02/04 $1.1B #National Rural Utilities $600M 3Y +52, $500M 5Y +67
- 02/04 $1B #Altria $500M 3Y +67, $500M 10Y +117
- 02/04 $1B #National Fuel Gas $00M 5Y +118, $500M 10Y +147
- 02/04 $800M #GATX $500M 10Y +102, $300M 2054 Tap +113
- 02/04 $650M #Valero Energy 5Y +87
- Expected to issue Wednesday:
- 02/05 $1B KFW 4% 2026 TAP SOFR+20
- 02/05 $Benchmark IDA 10Y SOFR+63a
