SPAIN AUCTION PREVIEW: On offer next week
Jan-27 13:01
- 2.80% May-26 Bono (ISIN: ES0000012L29)
- 1.40% Apr-28 Obli (ISIN: ES0000012B39)
- 3.45% Jul-43 Obli (ISIN: ES0000012K95)
- 1.00% Nov-30 Obli-Ei (ISIN: ES00000127C8)
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US TSYS: What to Watch: Pending Home Sales
Dec-28 12:28
Tsys firmer, modest rebound from Tue's sell-off that saw 10YY tap 3.8581% high, currently 3.8165% -.0246. Improved volumes (TYH3>175k) with London back from extended Christmas holiday.
- Yield curves continue to climb off deeper inversion, 2s10s +2097 at -51.848 (mid-November levels).
- Data on tap at 1000ET (prior, est): focus on Pending Home Sales MoM (-4.6%, -1.2%); YoY (-36.7%, --) - after five consecutive monthly declines, the last two totaling 13%. Also see Richmond Fed Mfg Index (-9, -10) release at same time, LINK.
- Another busy day for Tsy auctions: $22B 2Y FRN Note auction re-open (91282CFS5) and $33B 17W bill auction at 1130ET, followed by $43B 5Y Note auction (91282 CGC9) at 1300ET.
SPAIN: New Audit System To Unlock EU Funds Is Operational
Dec-28 12:22
- SPAIN SETS UP AUDIT SYSTEM KEY TO UNLOCKING EU RECOVERY FUNDS (BBG)
- Having missed two prior deadlines to complete installation of the information-sharing system, Spain said a new audit system to track European Union funds is operational, a key milestone needed to unlock money from the bloc’s pandemic recovery fund and smooth relations with Brussels after implementation delays.
US EURODLR FUTURES: Post-LIBOR Settle Update: Benchmark Gains
Dec-28 12:15
Lead quarterly Mar'23 (EDH3) trades +0.050 at 94.945 after 3M LIBOR set' gains +0.00.343 to 4.72986% (-0.01943 total last wk).
- Fed funds implied hike for Feb'23 at 33.3bp, Mar'23 cumulative 51.0bp to 4.843%, May'23 60.4bp to 4.937%, terminal at 4.94% in Jun'23.
- Balance of Eurodollar Whites (EDM3-EDZ3) +0.045-0.040, Reds through Golds (EDZ3-EDU7) +0.035-0.020.
- Current deferred spds vs. prior settle
- Jun'23/Sep'23: currently -0.120 (unch)
- Mar'23/Red Mar'24: -0.730 vs. -0.745
- Jun'23/Red Jun'24: -1.155 vs. -1.165
- Tuesday options summary:
- -20,000 EDH3 95.25 conversions vs. +SFRH4 97.12 conversion vs.
- -20,000 EDH4 96.00 puts, 53.0 net cr on package
- 5,000 Jun 94.62/95.00 put spds, 17
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