US STOCKS: Late Equities Roundup: Oil & Gas Shares Help Bounce off Midday Lows

• RES 4: 158.87 High Jan 10 and a key resistance
• RES 3: 158.29 2.618 projection of the Sep 17 - 26 - Oct 1 price swing
• RES 2: 158.00 Round number resistance 
• RES 1: 157.89 High Nov 20 and the bull trigger 
• PRICE: 156.34 @ 17:07 GMT Jan 5 
• SUP 1: 156.20/155.00 20- and 50-day EMA values
• SUP 2: 154.35 Low Dec 5 and a bear trigger  
• SUP 3: 153.62 Low Nov 14 
• SUP 4: 152.82 Low Nov 7

The trend structure in USDJPY is bullish and short-term weakness is considered corrective. Note that MA studies are in a bull-mode position, highlighting a dominant uptrend. Attention is on 157.89, the Nov 20 high and a bull trigger. Clearance of this hurdle would confirm a resumption of the uptrend. Support to watch lies at 155.00, the 50-day EMA. A clear breach of it would undermine the bull theme and signal scope for a deeper correction.  

$42.7B Launched so far over 17 names so far (still waiting on MUFG, Saudi Arabia, NY Life to issue). Today's surge in corporate debt eclipses $41.3B on October 30, '25. That makes today's issuance in the top 3 largest on record: a record 28 companies issued $50.95B in debt Tuesday, September 2, '25, the record for largest single day issuance is $59.55B on Monday January 6, '25 from 25 companies & supra sovereigns.

• Date $MM Issuer (Priced *, Launch #)
• 01/05 $9B #United Mexican States $3B 8Y +175, $4B 12Y +200, $2B 30Y +200
• 01/05 $5B #SFMG $800M 3Y +60, $500M 3Y SOFR+76, $1.1B 6NC5 +80, $400M 6NC5 SOFR+102, $1.2B 11NC10 +90, $1B 21NC20 +80
• 01/05 $3.5B #Credit Agricole $1.75B 6NC5 +95, $1.75B 11NC10 +110
• 01/05 $3B #UBS $1.5B PerpNC5 6.625% yld, $1.52B PerpNC10 7% yld
• 01/05 $2.75B #Williams Cos $500M 7Y +72, $1.25B 10Y +100, $1B 30Y +112.5
• 01/05 $2.75B #Constellation Energy $900M 2Y +48, $300M 2Y SOFR+60, $750M 5Y +73, $800M 40Y +112.5
• 01/05 $2.75B #Hyundai $900M 3Y +73, $350M 3Y SOFR+89, $700M 5Y +85, $300M 5Y SOFR+107, $500M 7Y +92
• 01/05 $2.5B #Societe Generale $1.1B 4.25NC3.25 +95, $400M 4.25NC3.25 SOFR+109.6, $1B 11.25NC10.25 +128
• 01/05 $2.5B #Ford Motor Cr $1.5B 3Y +145, $1B 3Y SOFR+183, 7Y leg dropped
• 01/05 $1.75B #Caterpillar $500M 2Y +27, $750M 2Y SOFR+40, $500M 5Y +45
• 01/05 $1.5B #General Motors Financial $900M 5Y +90, $600M 10Y +130
• 01/05 $1B *Export/Import Bank of India $500M 10Y +85, $500M 30Y +95
• 01/05 $1B #Entergy Arkansas $500M 10Y +83, $500M 30Y +93
• 01/05 $1B #PSEG $500M 5Y +52, $500M 30Y +80
• 01/05 $750M #Ares Capital +5Y +180
• 01/05 $700M #Blackstone Private Cr 5Y +190
• 01/05 $500M #Pricoa Global Funding 7Y +77
• 01/05 $Benchmark MUFG 6NC5 +80, 6NC5 SOFR+102, 11NC10 +90
• 01/05 $Benchmark Saudi Arabia 3Y +65, 5Y +75, 10Y +85, 30Y +110
• 01/05 $Benchmark New York Life 5Y +58
• 01/05 $750 #MetLife 5Y +65
• 01/05 $Benchmark Kexim 3Y, 5Y, 10Y investor calls
• 01/05 $Benchmark Mitsubishi HC Finance 5Y investor calls
• 01/05 $Benchmark Orange 3Y, 5Y, 7Y, 10Y, 30Y investor calls
• Expected this week: 
• 01/06 $Benchmark EIB 5Y SOFR+35a
• 01/06 $Benchmark ADB 10Y SOFR+48a
• 01/-- $500M Development Bank of Japan WNG 10Y

• RES 4: 0.8865 High Nov 14 and a bull trigger   
• RES 3: 0.8840 High Nov 20
• RES 2: 0.8818 High Nov 26
• RES 1: 0.8747/97 50-day EMA / High Dec 17 and a key resistance
• PRICE: 0.8658 @ 17:06 GMT Jan 5
• SUP 1: 0.8658 Low Jan 5
• SUP 2: 0.8656 Low Oct 8 and a key support
• SUP 3: 0.8633 Low Sep 15  
• SUP 4: 0.8620 38.2% retracement of the Dec ‘24 - Nov ‘25 bull cycle

The bear cycle that started Nov 14 in EURGBP remains intact. 0.8706, the 76.4% retracement of the Oct 8 - Nov 14 bull leg, has been cleared. The break of it strengthens the current bear theme and opens 0.8656, the Oct 8 low and a key support. On the upside, initial resistance is at 0.8744, the 50-day EMA. Key short-term resistance has been defined at 0.8797, the Dec 17 high.