CONSUMER STAPLES: Japan Tobacco: FINAL
Apr-10 11:55
(JAPTOB; A2 Stable/A+ Neg) (1/3 gov. owned, no uplift)
Tad weak on pricing and books. Given TCLAU was firm likely Tobacco specific and may be exacerbated by Russia exposure.
- €550m 10.2y +165 vs. FV +152 (13bp NIC)
- -25 in from IPT, books>€1.45b
- 3m par call, MWC, clean up call (80%)
- has mandated a dollar 3.1/5.2/10.2y that will likely follow
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OUTLOOK: Price Signal Summary - Trend Needle In WTI Points South
Mar-11 11:41
- On the commodity front, Gold is in consolidation mode. The trend condition remains bullish and the recent pullback appears to have been a correction. A stronger rally would refocus attention on $2962.2, a 2.00 projection of the Nov 14 - Dec 12 - 19 price swing. This would also open the $3000.0 handle. On the downside, a resumption of weakness would instead suggest scope for a deeper correction and expose support around the 50-day EMA, at $2826.3. The 50-day average marks a key support.
- In the oil space, a bearish trend condition in WTI futures remains intact and last week’s fresh short-term cycle lows reinforce current conditions. Recent weakness has resulted in a clear breach of support at $70.20, the Feb 6 low. This confirmed a resumption of the downtrend that started Jan 15 and has paved the way for an extension towards $63.61 next, the Oct 10 ‘24 low. Key short-term pivot resistance is seen at $70.36, the 50-day EMA.
BUNDS: USDJPY extends gains
Mar-11 11:38
- USDJPY is helped to session high, taking its cue from the US Tnotes (TYM5) testing session low here.
- Initial support in the contract is seen at 110.21, Yesterday's gap.
- For the USDJPY, Friday's high is situated at 148.20.
GILT SYNDICATION: 1.875% Sep-49 I/L gilt: Allocations out
Mar-11 11:36
- Spread set at 0.125% Aug-48 linker (GB00BZ13DV40) + 1.0bp (Guidance was +1.0/1.5bps)
- Size: GBP5.0bln (larger than the GBP4.0-4.5bln MNI expected) - MNI note: This is the largest ever gilt linker syndication
- Books in excess of GBP67.5bln (inc JLM interest of GBP4bln) - MNI note: That is the largest ever book for a gilt linker syndication
- HR : 90% vs 0.125% Aug-48 linker
- Maturity: 22 September 2049
- ISIN: GB00BT7J0134
- Coupon: 1.875%, long first
- Settlement: 12 March 2025 (T+1)
- JLMs: BofA Securities, J.P. Morgan, Lloyds Bank Corporate Markets (B&D/DM), and UBS Investment Bank
- Timing: Hedge deadline 11:50GMT, pricing later today
From market source / MNI colour
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