FRANCE: Further Threats To Budget After Tax Amendments Voted Through (2/2)
Oct-30 15:27
Leader of the conservative Les Républicains (LR), Bruno Retailleau, who had already voiced disquiet at the concessions to the PS, said earlier that the amendments made the budget "even less votable than yesterday" and "There is fiscal madness and a fiscal shock that is almost unprecedented". Marc Fesneau, leader of the centrist MoDem in the National Assembly, said the budget "has become completely unpassable."
- Le Figaro reports that according to unnamed gov't figures, "they expect there will be "no budget" and that the government will have to settle for a "special law" which allows it to carry over into 2026 the taxes and expenditures of 2025." However, this would still need to be passed by the National Assembly and Senate.
- Alternatively, Article 47.3 of the French Constitution allows "the provisions of the draft finance bill may be brought into force by ordinance", if parliament has not passed the legislation within a 70-day deadline since its tabling. There is major legal uncertainty here as to whether this would mean enacting the gov'ts original budget plans or with amendments included (the gov't will not want to pursue this course if it is the latter scenario).
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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)
