LATAM: Fitch Says Latam Sovereigns Show Mixed Fiscal Picture This Year
Aug-28 17:24
- “Most countries’ revenue was in line with or above real GDP growth in 1H25 – where this was not the case, it was mostly due to extraordinary receipts in 2024 rather than underperformance."
- "Mexico’s strong tax collections are notable given its economic slowdown, signalling benefits from administrative efforts. Primary spending pressures persist due to social demands and indexation, while interest bills continue to rise in most places as the cost of new borrowing still exceeds the effective costs on existing debt stocks.”
- "Fiscal rules are not anchoring fiscal consolidation in most places. Uruguay and Colombia relaxed their rules, Chile is unlikely to meet its target and Brazil’s and Dominican Republic’s rules allow for higher deficits. But we expect Peru and Paraguay to be able to comply with their targets." (Fitch)
- More here.
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PIPELINE: Corporate Bond Update: $1.5B Sherwin Williams 3Pt Launched
Jul-29 17:21
- Date $MM Issuer (Priced *, Launch #)
- 07/29 $2B #NextEra Energy 2Y +63
- 07/29 $1.5B #Sherwin Williams $500M each: 3Y +47, 5Y +62, 10Y +82
US: FED Reverse Repo Operation
Jul-29 17:19
RRP usage inches up to $171.018B this afternoon from $170.463B yesterday, total number of counterparties at 33. Usage had fallen to $54.772B on Wednesday, April 16 -- lowest level since April 2021 - compares to July 1: $460.731B highest usage since December 31.
LOOK AHEAD: Wednesday Data Calendar: FOMC Rate Annc Follows ADP, GDP, PCE
Jul-29 17:10
- US Data/Speaker Calendar (prior, estimate)
- 07/30 0700 MBA Mortgage Applications (0.8%, --)
- 07/30 0815 ADP Employment Change (-33k, 75k)
- 07/30 0830 GDP Annualized QoQ (-0.5%, 2.5%)
- 07/30 0830 GDP Price Index (3.8%, 2.2%)
- 07/30 0830 Personal Consumption (0.5%, 1.5%)
- 07/30 0830 Core PCE Price Index QoQ (3.5%, 2.3%)
- 07/30 1000 Pending Home Sales MoM (1.8%, 0.3%), YoY (-0.3%, -2.8%)
- 07/30 1130 US Tsy $65B 17W bill auction
- 07/30 1400 FOMC rate annc (does not include summary economic projections)
- Source: Bloomberg Finance L.P. / MNI
