FRANCE: Further Threats To Budget After Tax Amendments Voted Through (1/2)
Oct-30 15:27
Following the passage of amendments to the revenue-raising side of the state budget on the evening of 29 October, there are increased threats to the passage of the financing bills for 2026. The amendments concerned lowering the threshold for taxation of multinationals' profits, a one-off levy on so-called superdividends, and a 33% tax on share buybacks. The first two were proposed by the far-left La France Insoumise (France Unbowed, LFI), and passed with the support of the far-right Rassemblement National (National Rally, RN), while the latter was put forward by the RN and passed thanks to the abstention of left-wing lawmakers.
- These amendments come in addition to the concessions already offered to the centre-left Socialist Party (PS) by the gov't of PM Sebastien Lecornu in the form of a delay to the implementation of the 2023 pension reforms. The gov't is also due to hold talks with the PS regarding the 'Zucman' wealth tax on Friday, 31 Oct. The opposition of the centrist bloc, conservatives, and the RN means the PS' wealth tax proposal looks set for failure, in turn risking the party withdrawing its support from gov't.
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PIPELINE: Corporate Bond Roundup: $1.5B Egypt 2Pt Launched
Sep-30 15:20
- Date $MM Issuer (Priced *, Launch #)
- 09/30 $1.5B #Egypt $700M 3Y 6.375%, $800M 7Y Sukuk 7.95%
- 09/30 $1.25B Carnival Corp 3.5NC
- 09/30 $1B ADT 8NC guidance TBA
- 09/30 $600M #Turk Telekom 7Y 6.95%
- 09/30 $Benchmark Kuwait 3Y, 5Y, 10Y
- 09/30 $Benchmark Guardian Life 5Y +80a
- 09/30 $Benchmark Rentenbank 5Y SOFR+37
- 09/30 $Benchmark Kuwait 3Y +70a, 5Y +75a, 10Y +85a
- 09/30 $Benchmark Pacific Gas & Electric 3Y, 7Y & 30Y
- 09/30 $Benchmark Centerpoint Energy 30.5NC5.25 6.25%
- 09/30 $1.4B WBI Operating 5NC2 6.25%, 8NC3 6.5%
- 09/30 $Benchmark Thermo Fisher +5Y +70a, 7Y +80a, 10Y +90a, 12Y +100a
- 09/30 $Benchmark Bahrain +8Y Sukuk, 12Y investor calls
- $6.95B Priced Monday
FED: US TSY 52W AUCTION: NON-COMP BIDS $819 MLN FROM $50.000 BLN TOTAL
Sep-30 15:15
- US TSY 52W AUCTION: NON-COMP BIDS $819 MLN FROM $50.000 BLN TOTAL
OPTIONS: Expiries for Oct01 NY cut 1000ET (Source DTCC)
Sep-30 15:12
- EUR/USD: $1.1600-10(E3.3bln), $1.1700-10(E2.2bln), $1.1750-60(E2.1bln), $1.1775(E709mln), $1.1791-05(E1.9bln), $1.1900(E1.3bln), Y147.50($651mln), Y148.65-75($1.0bln)
- USD/JPY: Y146.15($864mln), Y146.40-50($1.7bln)
- EUR/JPY: Y175.00(E802mln)
- EUR/GBP: Gbp0.8780(E599mln)
- AUD/USD: $0.6600-10(A$1.1bln), $0.6700(A$1.6bln)
- USD/CAD: C$1.3900-10($655mln)
- USD/CNY: Cny7.1900($599mln)
