US: MNI POLITICAL RISK - Dems Hit Trump w/Symbolic Tariff Vote

Feb-12 13:16

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  • President Donald Trump will receive an intel briefing at 11:00 ET 16:00 GMT, announce the end of an Obama-era climate finding at 13:30 ET 18:30 GMT, then hold policy meetings at 15:00 ET 20:00 GMT.
  • Six House Republicans joined Democrats in passing a symbolic resolution terminating Trump’s tariffs on Canada. Democrats intend to force votes on at least three more similar resolutions in the coming weeks.
  • Treasury Secretary Scott Bessent appeared open to moving a DOJ investigation into Fed Chair Jerome Powell to the Senate Banking Committee, potentially hastening its conclusion and smoothing the confirmation of Kevin Warsh as Fed Chair in May.
  • Congress is heading towards a DHS shutdown on Friday, after Democrats panned a White House counteroffer on immigration enforcement.
  • The White House is increasing pressure on Congress to enact a ban on institutional investors from buying family homes.  
  • Energy Secretary Chris Wright became the senior-most US official to visit Venezuela since the ouster of Nicolas Maduro.
  • The US appears to be watering down a trade agreement with India.
  • SEC Chair Paul Atkins will testify to the Senate today amid a faltering overhaul of crypto regulation.
  • Trump said the US will continue to pursue nuclear negotiations with Iran, as the Pentagon bolsters defensive posture in the Middle East.
  • There is still no confirmation of a second round of trilateral Ukraine talks.
  • Poll of the Day: European allies increasingly view the US as an unreliable partner. 

Full Article: US DAILY BRIEF

Historical bullets

EU-BOND SYNDICATION: New long 3-year Jul-29 / 4.00% Oct-55 tap: Allocations

Jan-13 13:06

New long 3-year Jul-29

  • Size: E6bln WNG (in line with MNI's expectation)
  • Books closed in excess of E65bln (inc E2.25bln JLM interest)
  • Spread set: MS+3bps (guidance was MS +5bps area)
  • Hedge Ratio: 107% vs 2.10% Apr-29 Obli
  • Coupon: Short first
  • Maturity: 12 July 2029
  • ISIN: EU000A4ENP68

4.00% Oct-55 tap

  • Size: E5bln WNG (in line with MNI's expectation)
  • Books in excess of E97bln (inc E3.5bln JLM interest)
  • Spread set: MS+90bps (guidance was MS +92bps area
  • Hedge Ratio: 98% vs 2.90% Aug-56 Bund

For both:

  • Bookrunners: BNP Paribas, BofA Securities (DM/B&D), Credit Agricole CIB, Nomura and Santander
  • Settlement: 20 January 2026 (T+5)
  • Timing: Hedge deadline 1305GMT/1405CET

From market source / MNI colour

EGB OPTIONS: RXH6 126.00 puts

Jan-13 13:06

RXH6 126.00 puts 25K sold at 11.

STIR: Repo Reference Rates

Jan-13 13:04
  • Secured Overnight Financing Rate (SOFR): 3.64% (+0.00), volume: $3.128T
  • Broad General Collateral Rate (BGCR): 3.62% (+0.01), volume: $1.330T
  • Tri-Party General Collateral Rate (TCR): 3.62% (+0.01), volume: $1.305T
  • (rate, volume levels reflect prior session)