EGB SYNDICATION: Lithuania Long 7-year Nov-33 LITHUN: Spread set
May-13 10:35
* Spread set: MS+ 65bps (guidance was MS+ 75bps area) * Our EM Sovereign Credit team (whose coverage...
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LOOK AHEAD: Monday Data Calendar: Exist Home Sales, Fed Speakers, Tsy Bills
Apr-13 10:30
- US Data/Speaker Calendar (prior, estimate). All times ET
- 04/13 1000 Existing Home Sales (4.09M, 4.05M), MoM (1.7%, -0.8%)
- 04/13 1130 US Tsy $89B 13W & $77B26W bill auctions
- 04/13 1300 Chicago Fed Goolsbee interview Fox News
- 04/13 1820 Fed Gov Miran moderated discussion
- Source: Bloomberg Finance L.P. / MNI
STIR: Already Mild Fed Easing Bias Trimmed Further (On Net) On US Blockade
Apr-13 10:27
- US rates are off their most hawkish levels seen overnight but hold losses seen after weekend comments from US President Trump that the US will blockade Iran after talks failed.
- Fed Funds implied rates are 1bp higher from Friday’s close for the Jun meeting, 2.5bp for Dec and 3.5bp for Jun 2027.
- FF cumulative moves from 3.64% effective: +1bp Apr, +1bp Jun, 0bp Jul, -0.5bp Sep, -0.5bp Oct and -4bp Dec before building to -10bp in Jun 2027.
- SOFR futures are currently up to 3 ticks lower in H7 and M7 contracts as front reds remain most sensitive to Iran-related developments (with the H7 4.5 ticks off earlier lows of 96.325).
- The SOFR terminal implied yield of 3.44% (H8, +2bp) compares with 3.455% with the settle on Apr 7 before Trump’s then announcement of a two-week ceasefire (having rallied into it) and 3.40% on Apr 8.
- It’s a light day for data (existing home sales) and Fedspeak (Miran late on) before both pick up tomorrow with the March PPI report and multiple speakers.
EGB SYNDICATION: France 11-year Green OAT mandate
Apr-13 10:21
"The REPUBLIC OF FRANCE has mandated BARCLAYS, BNP PARIBAS, BofA SECURITIES, CREDIT AGRICOLE CIB, DEUTSCHE BANK and MORGAN STANLEY to act as Joint Lead Managers on an upcoming new Green OAT, due 25 June 2037. The transaction will be launched by syndication in the near future, subject to market conditions." From market source
- Note that France's green issuance cap for 2026 is set at E23bln.
- Green syndications in the past have ranged from E5-8bln in size. This is the shortest maturity green OAT to be launched and we therefore look for a transaction of E7-10bln. We expect the transaction to take place tomorrow.
