EU-RUSSIA: Kallas-Work Underway On 20th Sanctions Package

Nov-14 13:02

Speaking at a press conference following a meeting of the E5 group of defence ministers' meeting in Berlin, EU High Representative for Foreign Affairs and Security Policy Kaja Kallas says the "use of immobilised Russian assets is the most clear-cut way to sustain Ukraine's defence" (see UKRAINE: Major Russian Aerial Attack On Kyiv Comes With Key Donbas City At Risk). Kallas claims that "work is ongoing now on the 20th sanctions package". On 9 Nov, Ukrainian President Volodymyr Zelenskyy said that Kyiv will propose the 20th sanctions package target "Russian legal entities and individuals that are still profiting from energy resources."

  • Kallas says that "we cannot accept [frequent hybrid attacks] as the new normal".
  • German Defence Minister Boris Pistorius claims that the aerial defence of Ukraine has been hindered by the US gov't shutdown, with Patriot missile deliveries delayed. On hybrid attacks and percieved lack of response from some European states on drone/aerial incursions into NATO airspace, Pistorius claims "We can't always formally attribute drone overflights to Russia, but we can see who benefits from them". 

Historical bullets

CANADA DATA: Canada Aug Wholesale And Factory Sales Decline On Autos

Oct-15 13:02
  • Wholesale sales ex petroleum and grains -1.2%, first decline in several months. YOY sales +4.3%.
  • Autos -8.8%, and the food, beverage and tobacco subsector -3.8%. 
  • Factory sales -1.0%, led by autos -5.7%.
  • Primary metal +3.6%.
  • Future auto sales may weaken further with reports of Stellantis shifting Jeep production Canada to the US. 
  • Auto industry among the hardest hit by US tariffs. 

SONIA OPTIONS: Call Fly buyer

Oct-15 13:01

SFIZ5 96.30/96.40/96.50c fly, bought for 1 in 4k.

PIPELINE: Corporate Bond Roundup: JPM 3Pt on Tap

Oct-15 12:56
  • Date $MM Issuer (Priced *, Launch #)
    • 10/15 $Benchmark JPMorgan 6NC5 +90a, 6NC5 SOFR, 11NC10 +100a
    • 10/15 $500M Constellation Brands 10Y +125a
    • 10/15 $500M MAF 10Y Sukuk +90a
    • 10/15 $Benchmark Eversource 5Y +115a, $300M 2035 tap
  • $10.6B Priced Tuesday - mostly GS 5-tranche issuance