US DATA: MNI's Guide To U.S. Data Releases In Federal Shutdown - Oct 2 Update
Please see PDF below for MNI's rough guide to the upcoming data schedule postponements as a result of the federal government shutdown. We've updated it to reflect that the Dept of Agriculture will not be releasing data (confirmed after they didn't release data Thursday). We will update this document as and when we learn more about individual release plans.
Nonfarm Payrolls almost certainly won't be released Friday (see the notes at the end of the PDF) but we will get final September PMI data and the ISM Services report.
Shutdown Guide-Oct22025.pdf
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NEW ZEALAND: Milk Power Auction Price Falls, Back To Late 2024 Levels
Overnight the average price for whole milk powder fell to $3809 versus $4036 at the previous auction, per GDT . This was a 5.3% drop. The chart below plots this price index against the Citi NZ terms of trade proxy. The whole milk powder price is now at fresh lows for 2025. The terms of trade proxy has matched this fall recently.
- BBG noted: "The GDT price index change, which is a weighted average of the percentage changes in individual milk products between trading events, was a decrease of 4.3%."
- Later today we get NZ ANZ commodity prices for August.
Fig 1: Whole Milk Powder Prices & Citi NZ Terms Of Trade Proxy
Source: Citi/Bloomberg Finance L.P./MNI
ASIA: Coming Up In Asia Pac Markets On Wednesday
| 0000BST | 0700HKT | 0900AEST | Australia Aug F S&P Global PMI Services |
| 0000BST | 0700HKT | 0900AEST | Australia Aug F S&P Global PMI Composite |
| 0000BST | 0700HKT | 0900AEST | South Korea Q2 P GDP |
| 0130BST | 0830HKT | 1030AEST | Japan Aug F S&P Global PMI Services |
| 0130BST | 0830HKT | 1030AEST | Japan Aug F S&P Global PMI Composite |
| 0200BST | 0900HKT | 1100AEST | Australia 2036 Bond Sale |
| 0230BST | 0930HKT | 1130AEST | Australia Q2 GDP |
| 0245BST | 0945HKT | 1145AEST | China Aug RatingDog PMI Services |
| 0900BST | 1600HKT | 1800AEST | RBA Governor Speaks In Perth |
Source: Bloomberg Finance L.P./MNI
PIPELINE: Corporate Bond Roundup: Unexpected $47.45B Priced Tuesday
- Date $MM Issuer (Priced *, Launch #)
- 09/02 $6B Merck $750M 2Y +25, $500M 2Y SOFR+46, $750M 5Y +45, $1B 7Y +58, $1.75B 10Y +68, $1.25B 30Y +75
- 09/02 $4.5B *Cigna $1B 5Y +80, $1.25B 7Y +90, $1.5B 10Y +100, $750M 30Y +110
- 09/02 $4B *MUFG $1B 6NC5 +80, $1B 6NC5 SOFR+113, $1B 11NC10 +93, $1B PerpNC10 6.35%
- 09/02 $2.5B *CIBC $850M 3NC2 +60, $650M 3NC2 SOFR+80, $1B 6NC5 +85
- 09/02 $2B *Royalty Pharma $600M +5Y +93, $900M 10Y +118, $500M 30Y +128
- 09/02 $2B *Volkswagen Grp $700M 2Y +82, $700M 3Y +95, $600M 5Y +112
- 09/02 $2B *Toyota Cr $800M 3Y +47, $500M 3Y SOFR+72, $700M 7Y +68
- 09/02 $2B AIIB WNG 5Y SOFR +34a
- 09/02 $1.75B *Brazil $750M 11/30 tap 5.2%, $1B 30Y +7.5%
- 09/02 $1.75B *Sumitomo Mitsui $750M 3Y SOFR+75, $500M 5Y +65, $500M 11NC10 +115
- 09/02 $1.65B *Mitsubishi $300M 3Y +45, $400M 3Y SOFR+70, $500M 5Y +50, $400M 10Y +65
- 09/02 $1.65B *American Honda $700M 3Y +65, $300M 3Y SOFR+90, $650M 5Y +80
- 09/02 $1.5B *BHP Billiton $500M +10Y +77, $1B 30Y +83
- 09/02 $1.5B *HSBC 11NC10 +147
- 09/02 $1.5B *ING PerpNC7 7.0%
- 09/02 $1.35B *Jersey Central Power $350M +3Y +55, $500M +5Y +70, $500M +10Y +90
- 09/02 $1.25B *Ford Motor Cr 5Y +198
- 09/02 $1.25B *Credit Agricole PerpNC10 7.125%
- 09/02 $1.2B *Kodiak Gas $600M 8NC3 6.5%, $600M 10NC5 6.75%
- 09/02 $1B *Norinchukin $500M 5Y +93, $500M 10Y +108
- 09/02 $1B *Guardian Life $550M 3Y +45, $450M 7Y +70
- 09/02 $750M *Nomura 10.75NC5.75 +130
- 09/02 $650M *Ares Capital +5Y +160
- 09/02 $600M *Antofagasta 10Y +140
- 09/02 $600M *First Citizens 10NC5 +185
- 09/02 $500M *Jackson National Life 5Y +85
- 09/02 $500M *Alabama Power +5Y +60
- 09/02 $500M *Orix Corp 5Y +75
- 09/02 $Benchmark Kingdom of Saudi Arabia Sukuk 5Y +65, 10Y +75
- Expected Wednesday:
- 09/03 $Benchmark OKB 5Y SOFR+46a
