EM LATAM CREDIT: Grupo Energia Bogota: New 10-Year Launch
Oct-16 17:21
(GEBCB; Baa3/NR/BBBneg)
Launch: USD500mn 180
IPTs: Low 200s Area FV: T+185bp
• Please see our earlier fair value post for more information:
https://mni.marketnews.com/4qdI2uf
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US: Americans' View On Trump Tariffs Coloured By Partisan Affiliation
Sep-16 17:21
A new survey from I&I/TIPP shows a stark partisan divide on the benefit or harm of President Donald Trump’s tariffs. TIPP notes, “Overall, 23% said tariffs mostly help U.S. workers, but more than twice as many – 55% – said they mostly hurt consumers. Another 11% said it doesn't make a lot of difference, while 11% were not sure.
- “Democrats (11% "mostly helps workers," 76% "mostly hurts consumers") and independents (14% "mostly helps workers," 58% "mostly hurts consumers") overwhelmingly agreed that consumers were hurt by tariffs.
- “But among Republicans, 41% answered that the tariffs would help workers, compared to just 35% who said they would help consumers.”
Figure 1: Do Tariffs Mostly Help American Workers, Hurt American Consumers, or not make much Difference?
Source: Tipp Insights
US TSYS/SUPPLY: 20Y Review: Solid Details See Little Reaction After Prior Rally
Sep-16 17:11
- The 20Y auction saw a small trade through along with more encouraging internals, with a bounce in bid-to-cover and indirect take-up after low readings last month along with the lowest dealer take since mid-2024.
- Little reaction in treasuries however, having already pushed back to joint session highs ahead of the auction. TYZ5 actually dips a tick off those joint highs of 113-18.
- 20Y yields little changed post-results, down -1.2bp on the day and still underperforming the front end with 2Y and 3Y yields down closer to 3bps.
- A minor trade through of 0.2bps (high yield of 4.613% vs WI yield of 4.615%). It follows the 0.1bp trade through last month with a prior five-auction range of a 1.5bp trade through to a 1.2bp tail.
- Bid-to-cover: 2.74, rebounding from a lower 2.54 in Aug after 2.79 in Jul. The five-auction average had been 2.62.
- Indirect take-up: 64.6% after 60.6% in Aug (lowest since Feb 2024 and then Nov 2021) and 67.4%, or vs five-auction average of 66.9%.
- Direct take-up: 27.9% after 21.9% in Aug and a five-auction average of 18.9%
- Dealer take-up: 7.6% after 12.9% in Aug and a five-auction average of 14.2%
FED: US TSY 19Y-11M BOND AUCTION: HIGH YLD 4.613%; ALLOT 14.96%
Sep-16 17:02
- US TSY 19Y-11M BOND AUCTION: HIGH YLD 4.613%; ALLOT 14.96%
- US TSY 19Y-11M BOND AUCTION: DEALERS TAKE 7.57% OF COMPETITIVES
- US TSY 19Y-11M BOND AUCTION: DIRECTS TAKE 27.87% OF COMPETITIVES
- US TSY 19Y-11M BOND AUCTION: INDIRECTS TAKE 64.56% OF COMPETITIVES
- US TSY 19Y-11M BOND AUCTION: BID/COV 2.74
