BOC: Instant Answers For BOC Rate Decision
Jun-04 13:12
Reminder - we have chosen the following questions for our Instant Answers service with the BoC decision at 0945ET:
- Overnight Rate Target (%)
- Does the Bank signal it's prepared to LOWER rates in the future?
- Does the Bank signal it's prepared to RAISE rates in the future?
- Does the Bank signal it intends to leave rates on hold?
- Does the Bank mention core inflation has been elevated or above the 2% target for headline CPI?
- Does the Bank say the trade war is boosting inflation or inflation expectations?
- Does the Bank say the risks to growth from the trade war appear to have eased?
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US TSYS: Surprise Corporate Issuance Weighs on Tsys
May-05 13:07
- On an otherwise quiet start to a FOMC week and spring holiday closures -- today's potential outsized corporate issuance from Apple Inc and Comcast likely tempered the recent bounce in Tsys - spec-tied selling ahead of rate lock hedging has pushed futures back near early overnight lows:
- Tsy Jun'25 10Y back to steady at 111-05 after rising to 111-13.5 (+8.5) ahead of the opening bell, early overnight low at 111-04.5. Initial technical support is at 111-02 (Low Mar 2 / 50-dma) followed by 110-30.5 (50-day EMA). A clear breach of this average would strengthen a bearish threat and expose 110-16+, the Apr 22 low.
PIPELINE: Corporate Bond Update: Apple Inc, Comcast Guidance & Historicals
May-05 12:57
- Apple and Comcast deals likely to lead today's corporate bond issuance. Estimates for Apple issuance range from $5-10B today based on issuance size and frequency over the last five years (though Apple did make it into the top 20 list of largest issuance with $17B on April 30, 2013).
- As for Comcast, estimate for today's 3pt deal is under $5B based on issuance over the last five years ($2-4B), though Comcast is in the top 10 largest issuance with $27B over 12 tranches on October 2, 2018 -- reportedly for Sky PLC financing.
- Date $MM Issuer (Priced *, Launch #)
- 05/05 $Benchmark Apple Inc 3Y +45a, 5Y +50a, 7Y +60a, 10Y +70a
- 05/05 $Benchmark Comcast 7Y +115a, 10Y +130a, 30Y +155a
- 05/05 $Benchmark American Int Group 5Y, 10Y, details TBA
- 05/05 $Benchmark ADP 7Y +80a
BONDS: US 10yr Yield moves above Friday's high
May-05 12:50
- Bund fades somewhat, taking its cue from the move lower in US Treasuries, TYM5 is sold in 6.5k, USM5 1k.
- Although the US Tnotes (TYM5) hasn't broken 111.02, Friday's low, the US 10yr has moved above Friday's high, printed a 4.3336% high.
- The resistance in the 10yr Yield will now be back at 4.40% which equates to 110.24+.
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