EGB SYNDICATION: Italy syndicated exchange: Priced
Jun-28 15:31
E5bln Long 8Y CCTeu (Oct. 15, 2031) at 6 month Euribor +114bp
- Guidance was: 6 month Euribor +116bp area
- Reoffer price: 99.93
- Coupon: 6 month Euribor +115bp , semi-annual
- Books above E17.2bln (including JLM interest)
- Settlement: July 5, 2023
- ISIN: IT0005554982
- Bookrunners: SIENA, BNPP, IMI (B&D), UniCredit
- FTT: Immediately
- Source: Bloomberg
MEF is looking to buy back:
- 2.45% Oct-23 BTP (ISIN: IT0005344335)
- 0.65% Oct-23 BTP (ISIN: IT0005215246)
- 0.25% Nov-23 BTP Italia (ISIN: IT0005312142)
- Dec-23 CCTeu (ISIN: IT0005399230)
- Apr-25 CCTeu (ISIN: IT0005311508)
Want to read more?
Find more articles and bullets on these widgets:
Historical bullets
US OUTLOOK/OPINION: JPM: Below Consensus For NFP But A Still Tight Labor Market
May-29 14:55
- JPMorgan look for NFP growth of 150k in May (cons 190k), suggesting the labor market remains tight even as some further signs of cooling appear.
- Other signs of cooling include declines in vacancies and quits in the JOLTS data and increases in WARN notifications, plus employment of temporary workers turning increasingly negative during the prior three months. However, the recent pickup in initial jobless claims was revised back down as Massachusetts removed fraudulent filings.
- They see the private sector adding 130k jobs (cons 173k), primarily in services. Recent stabilization in housing and relatively supportive employment indicators in the May flash PMI suggest modest gains continued in the goods sector as well.
- AHE seen rising 0.4% M/M (cons 0.3) given the still-tight labor market, and the average workweek to hold steady 34.4hrs for the third straight month. Other measures of wage growth have peaked but remain above AHE.
- A solid household survey is expected to show the u/e rate also steady at 3.4% (cons 3.5) even though they expect the participation rate to have edge up slightly to a cycle high of 62.6%.
OPTIONS: Expiries for May30 NY cut 1000ET (Source DTCC)
May-29 14:41
- EUR/USD: $1.0690-00(E1.7bln), $1.0770-85(E2.0bln)
- USD/JPY: Y135.85-00($966mln), Y136.50($628mln), Y138.00($725mln), Y138.50($541mln)
- GBP/USD: $1.2295-00(Gbp507mln)
- AUD/USD: $0.6550(A$507mln)
- NZD/USD: $0.6150(N$647mln)
- USD/CNY: Cny7.0400($500mln)
STIR: Holding Modest Gain In Front US Rates As Data Dependence Wins Out
May-29 14:01
- SOFR futures are holding most of their limited gains, led by the SFRM3 +0.02 with gains tailing off to a small -0.01 cheapening for 1H24 contracts and then only building again out into the green pack and beyond.
- The moves see a small further tightening in the SFRM3/Z3 time spread to -0.3275 at what would be its tightest close since Mar 9 very early on in SVB-related spillover.
- Volumes are unsurprisingly subdued on Memorial Day, with the SFRM3 seeing a cumulative 47.5k vs the recent average of 81k for the time of day, and at a time when they’d usually kick on from here.
- An increasing shift to data dependence, echoed most recently by Chicago Fed’s Goolsbee (’23 voter) over the weekend and before that Daly (’24 voter) calling for “extreme” data dependence ahead of the Jun 15 FOMC, helps limit moves on the day. With that in mind, Friday’s NFP report will be particularly important but with plenty of other notable second tier releases before then.
