HYBRIDS: Hybrids: Week in Review
Oct-10 13:11
- Engie brought a dual tranche €1bn across NC6.5 and NC9.5 years. The deal came on Monday when French OATs were selling off on political instability. Consequently, the bonds priced 7.5 and 12.5bps cheap to our fair value and later converged to the secondary curve over the next few days.
- Suedzucker dropped 2pts on an earning’s miss but worth noting that guidance was confirmed for the full year. The equity has rallied since.
- Mobico perps hit a new low on Monday at €40.00 but rallied above €50.00 on the signing of a new €500m revenue contract in Saudi Arabia. The company did not disclose its share of the JV involved nor the expected margin. Also, bear in mind that the revenue is spread over 8 yrs. Good to see, nevertheless.
- Vodafone provided us with a reminder of the importance of paying attention to Early Call and Late Call dates in US$ tenders. An unfortunate holder of $2m VOD 3.25 NC26 tendered late and received 3pts less than expected (company RNS).
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FED: President Trump Continues To Critique Powell
Sep-10 13:09
U.S. President Trump posts the following on Truth Social: "Just out: No Inflation!!! “Too Late” must lower the RATE, BIG, right now. Powell is a total disaster, who doesn’t have a clue!!! President DJT".
MNI EXCLUSIVE: MNI Speaks to Ex-German Council of Economic Experts Member
Sep-10 13:08
- Two-part interview: Ex-German Council of Economic Experts member Peter Bofinger speaks to MNI about fiscal expansion, growth, the U.S. dollar and the ECB -- On MNI Policy MainWire now, for more details please contact sales@marketnews.com
STIR: Effective Fed Funds Rate
Sep-10 13:03
- FRBNY EFFR for prior session:
- Daily Effective Fed Funds Rate: 4.33% (+0.00), volume: $112B
- Daily Overnight Bank Funding Rate: 4.33% (+0.00), volume: $208B
- Earlier Repo Reference Rates
- Secured Overnight Financing Rate (SOFR): 4.40% (+0.00), volume: $2.863T
- Broad General Collateral Rate (BGCR): 4.38% (-0.01), volume: $1.143T
- Tri-Party General Collateral Rate (TCR): 4.38% (-0.01), volume: $1.114T
- (rate, volume levels reflect prior session)
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