US: MNI POLITICAL RISK - Trump Says Iran Deal Close To Finalisation
Jun-12 11:40
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EGB SYNDICATION: Lithuania Long 7-year Nov-33 LITHUN: Final terms
May-13 11:35
- Spread set earlier: MS+ 65bps (guidance was MS+ 75bps area)
- Our EM Sovereign Credit team (whose coverage includes CEE) will provide fair value estimates - if you are interested in trialling, please contact your account manager
- Size: E1.0bln (MNI expected E1.0-1.5bln)
- Books in excess of E4.0bln (inc E210mln JLM interest)
- Maturity: 18 November 2033 (long 7-Year)
- ISIN: XS3381692725
- Coupon: Short first coupon
- Settlement: 20 May 2026 (T+5)
- Bookrunners: BNP PARIBAS (B&D) / BofA Securities / Erste Group
- Co-manager: Luminor Bank
- Timing: Allocations and pricing to follow
From market source / MNI colour
LOOK AHEAD: Wednesday Data Calendar: PPI, Fed Speakers, 30Y Bond Sale
May-13 11:30
- US Data/Speaker Calendar (prior, estimate). All times ET
- 05/13 0700 MBA Mortgage Applications reported 1.7% from -4.4% prior
- 05/13 0830 PPI Final Demand MoM Apr (0.5%, 0.5%), YoY (4.0%, 4.8%)
- 05/13 0830 PPI Ex Food and Energy MoM Apr (0.1%, 0.3%), YoY (3.8%, 4.3%)
- 05/13 1130 US Tsy $69B 17W bill auction
- 05/13 1130 Boston Fed Collins moderated discussion on US economy
- 05/13 1300 US Tsy $25B 30Y Bond auction (912810UU0)
- 05/13 1315 MN Fed Kashkari moderated discussion
- 05/13 1900 Dallas Fed Logan moderated discussion
- Source: Bloomberg Finance L.P. / MNI
OUTLOOK: Price Signal Summary - Bear Threat In Gilts Still Present
May-13 11:24
- In the FI space, the trend in Bund futures is bearish and this week’s sell-off reinforces this theme. MA studies are in a bear mode position highlighting a dominant downtrend. Resistance to watch is 125.84, the 50-day EMA. It has been pierced, a clear break of it would signal scope for a stronger correction and open 126.64, the Apr 8 high and key resistance. For bears, key support lies at 124.25, the Mar 27 low. A breach of it would resume the downtrend.
- A bearish theme in Gilt futures remains intact and the latest recovery has proved to be a correction. Tuesday’s move lower resulted in a breach of 85.91, the Mar 23 low. A clear break of this support would confirm a resumption of the medium-term downtrend, and open 85.21, a 2.618 projection of the Feb 27 - Mar 3 - 4 price swing. On the upside, key short-term resistance to watch is 88.32 the 50-day EMA. Clearance of this EMA would be a bullish development. Resistance at the 20-day EMA is at 87.31.
