EU FINANCIALS: Mediobanca Banca di Credito: Fitch Ratings Watch Negative
Sep-04 15:14
(BACRED; Baa1pos/BBB+/BBB-)
Fitch revised Mediobanca's ratings watch to negative following the rejected Banca Generali bid.
In absence of the potential benefits of the offer and the looming BMPS takeover offer - which has passed its required 35% threshold level - which entails large executions, Fitch has determined the ratings watch required changing from 'evolving' to 'Negative'
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SWEDEN: Weak July Services PMI Keeps An August Rate Cut Possible
Aug-05 15:12
This morning’s services PMI was weak, falling 5.5 points to 48.8 – the largest one month drop since April 2020. While less closely followed than the Economic Tendency Indicator, the PMI has still contributed to a 1.6bp fall in 2-year SEK swap rates today.
- Thursday’s flash July CPI report will be key in determining the likelihood of a Riksbank August rate cut. Markets currently price just a 20% implied probability of such a move, but we have noted for several weeks that a cut cannot be ruled out before seeing the inflation data, particularly with activity signals still weak.
- Although new orders (51.5 vs 59.5 prior) and production (50.1 vs 57.3 prior) PMI components remained in expansionary territory in July, the falls relative to June were sharp.
- More alarmingly, the employment component fell to a 5-year low of 37.8 (vs 36.7 prior). The downward trend is more volatile than, but still broadly consistent with, the signal from the Economic Tendency Indicator’s services employment series.
PIPELINE: Corporate Bond Update: Issuance List Expands
Aug-05 15:05
- Date $MM Issuer (Priced *, Launch #)
- 08/05 $500M CNA Financial WNG 10Y +125a
- 08/05 $500M Freedom Mortgage 7.75NC3
- 08/06 $500M Travel + Leisure 8NC3
- 08/05 $Benchmark MSCI 10Y +140a
- 08/05 $Benchmark Essential Utiites 10Y +130a
- 08/05 $Benchmark Macquarie Bank 11NC10 +170a
- 08/05 $Benchmark Standard Chartered 11NC10 +145a
- 08/05 $Benchmark Tennessee Valley Authority 5Y +25a
- 08/05 $Benchmark Daimler Truck 2Y +90a, +5Y +115a, +7Y +130a
- 08/06 $Benchmark PetSmart 7NC3, 8NC3 investor calls
OPTIONS: Larger FX Option Pipeline
Aug-05 15:03
- EUR/USD: Aug07 $1.1500(E1.1bln), $1.1600(E957mln); Aug08 $1.1500(E1.5bln); Aug11 $1.1550(E1.2bln)
- USD/JPY: Aug07 Y147.65($1.1bln), Y148.00-15($1.8bln), Y148.50($1.2bln)
- EUR/GBP: Aug08 Gbp0.8675(E1.3bln), Gbp0.8700(E1.2bln)
- AUD/USD: Aug07 $0.6500(A$1.1bln), $0.6600(A$2.0bln); Aug08 $0.6500(A$4.3bln)
- NZD/USD: Aug11 $0.5920-30(N$1.1bln)
