US: MNI POLITICAL RISK - Tensions Increase Ahead Of US-Iran Talks
Feb-04 13:20
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- At 11:00 ET 16:00 GMT, President Donald Trump will sit for an interview with NBC News. At 16:00 ET 21:00 GMT, Trump will participate in a policy meeting in the Oval Office.
- At 09:00 ET 14:00 GMT, Vice President JD Vance and Secretary of State Marco Rubio will deliver opening remarks at a multilateral meeting aimed at reducing China’s dominance of critical mineral supply chains.
- At 10:00 ET 15:00 GMT, Treasury Secretary Scott Bessent will deliver testimony to the House Financial Services Committee on the Annual Report of the Financial Stability Oversight Council and provide an update on Trump's economic policies. He will appear before the Senate tomorrow. The hearings will be the first opportunity for Democrats to probe Bessent on Trump’s nominee to serve as Fed Chair, Kevin Warsh, and Fed independence more broadly.
- Trump signed a government funding package to end a brief government shutdown.
- Two military confrontations between the US and Iran spiked geopolitical risk in the Middle East and threatened to derail nuclear talks on Friday. The White House said the meeting is still scheduled, despite reports Tehran is demanding changes to the format and location.
- The Kremlin said Russia's position remains "unchanged", ahead of a second round of trilateral talks between the US, Russia, and Ukraine today.
- The details of a US-India trade deal have yet to be formally announced.
- Poll of the Day: Trump’s approval rating has fallen across every major issue since December.
Full Article: US DAILY BRIEF
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PIPELINE: Corporate Bond Update: Issuers Return En Masse
Jan-05 13:20
Return of corporate issuance in size contributing to the downtick in Treasuries via rate locks and spec acct sales.
- Date $MM Issuer (Priced *, Launch #)
- 1/05 $Benchmark MUFG 6NC5 +105a, 6NC5 SOFR, 11NC10 +120a
- 1/05 $Benchmark SFMG 3Y +87a, 3Y SOFR, 6NC5 +110a, 6NC5 SOFR, 11NC10 +120a, 21NC20 +110
- 1/05 $Benchmark Hyundai Capital 3Y +105a, 3Y SOFR, 5Y +115a, 5Y SOFR, 7Y +125a
- 1/05 $Benchmark Saudi Arabia 3Y +95a, 5Y +100a, 10Y +110a, 30Y +140a
- 1/05 $Benchmark Ford Motor Cr 3Y +180a, 3Y SOFR, 7Y +215a
- 1/05 $Benchmark GM 5Y +120a, 10Y +165a
- 1/05 $Benchmark Williams Cos 3pt details TBA
- 1/05 $Benchmark ADB 10Y SOFR+48a
- 1/05 $Benchmark EIB 5Y SOFR+35a
- 1/05 $Benchmark MetLife 5Y +90a
- 1/05 $Benchmark Societe Generale 4.25NC3.25fix/SOFR, 11.25NC10.25
- 1/05 $Benchmark Credit Agricole 6NC5 +120a, 11NC10 +135a
- 1/05 $Benchmark Kexim 3Y, 5Y, 10Y investor calls
- 1/05 $Benchmark Mitsubishi HC Finance 5Y investor calls
- 1/05 $Benchmark Orange 3Y, 5Y, 7Y, 10Y, 30Y investor calls
- 1/-- $500M Development Bank of Japan WNG 10Y later in the week
FOREX: USD Buying Resumes; EURAUD Testing Support
Jan-05 13:13
USD buyers return in response to the pick-up in US Treasury yields (in turn triggered by Kashkari's 'guess' of rates being closer to neutral, and the sizeable corporate issuance slate today), helping push the greenback to fresh daily highs.
- EUR retains its position as the poorest performing currency in G10 at the NY crossover, and additional USD buying in very recent trade has pressed EURUSD to test the overnight lows.
- More consequentially, EURAUD is now through the late APAC session lows to print 1.7471, the lowest level since June last year (1.7464 marks both the June 10th 2025 low as well as the 76.4% retracement of the May - August upleg, which could slow further slippage from here.
- AUD closely tracked metals prices into end-2025, meaning today's tailwind for gold and silver should keep the currency supported, but positive turns in market fundamentals should also buoy AUD medium-term: the 3m AUDUSD carry/vol ratio switched positive in mid-December.
SPAIN AUCTION PREVIEW: On offer this week
Jan-05 13:01
Tesoro Publico has announced it will be looking to sell a combined E5.5-6.5bln of the following at its auction this Thursday, January 8:
- the 2.70% Jan-30 Bono (ISIN: ES0000012O00)
- the 3.00% Jan-33 Obli (ISIN: ES0000012P74)
- the 3.45% Jul-43 Obli (ISIN: ES0000012K95)
Tesoro Publico has additionally announced it will be looking to sell E250-750mln of the 1.15% Nov-36 Obli-Ei (ISIN: ES0000012O18) at that auction.
