EM CEEMEA CREDIT: National Bank of Kuwait: GUI PNC6 $ AT1
Jul-02 12:53
(NTBKKK:-/A/A+)
"GUIDANCE: National Bank of Kuwait $Bmark PerpNC6 AT1 6.5%a" - BBG
IPT @ 6.875% area FV @ 6.375% area
Our FV note, link below:
https://www.mnimarkets.com/articles/national-bank-of-kuwait-fv-for-pnc6-dollar-at1-1751439929168
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US TSY FUTURES: FV Blocked
Jun-02 12:52
Latest block trade lodged at 08:27:57 NY/13:27:57 London:
- FVU5 6.4K lots blocked at 108-03.75, looks like a seller.
- DV01 ~$426K.
GILTS: Off Lows But Bears Remain In Control
Jun-02 12:48
Gilts recovered from session lows alongside Bunds, after the initial sell off that followed weekend developments stalled.
- There hasn’t been much in the way of fresh macro developments since this morning’s PMI data.
- Futures registered fresh incremental session highs at 91.54 but bulls haven’t managed to get near closing the opening gap lower (91.75 area).
- Bears remain in technical control
- Yields are 1bp lower to 3bp higher, curve now twist steepness after early bear steepening.
- U.S. ISM manufacturing data and BoE speak from Mann & Greene headline through the remainder of Monday.
US: MNI POLITICAL RISK - Senate Starts Work On Big Beautiful Bill
Jun-02 12:29
Download Full Report Here
- President Donald Trump will meet Vice President JD Vance for lunch.
- White House officials expect a call between Trump and Chinese President Xi Jinping “very soon,” as both countries accuse the other of violating May's tariff truce.
- OMB Director Russell Vought will receive a hostile reception from Democrats when he delivers testimony to the Senate Appropriations Committee on Wednesday.
- Trump announced he will double the tariff rate on steel and aluminium imports to 50%, starting on Wednesday. The European Commission said it "is prepared to impose countermeasures".
- Commerce Secretary Howard Lutnick said “tariffs are not going away”, and noted: "We could sign lots of [trade] deals now," but "we’re trying to make them better...”
- The legal argument the US Supreme Court used to block swathes of former President Biden’s agenda could be used to block Trump's 'Liberation Day' tariffs.
- The Senate comes back into session this evening to start modifying the Republican tax megabill. Senate Majority Leader John Thune (R-SD) wants the bill on Trump’s desk by July 4, but some Senators are questioning that deadline.
- There is little hope for a breakthrough as a second round of Ukraine-Russia talks gets underway. Without progress, more pressure will build on Trump to authorise a punitive package of sanctions.
- Iran is expected to reject a US nuclear proposal.
- Poll of the Day: Trump’s three weakest issues are all linked to the economy.
Full Article: US DAILY BRIEF
