BRAZIL: Petrobras Sees No Deadline To Cut Prices Despite Pressure: Folha
- Despite the pressure publicly exerted by President Bolsonaro, the Petrobras leadership has said internally that there is no deadline for lowering fuel prices, even with a recent drop from the highs in oil prices.
- To people close to him, the president of the state-owned company, General Silva e Luna, says that the decision to review the mega increase given by Petrobras in gasoline and diesel depends on the behaviour of the market.
- Separately, still awaiting further details on the Globo headlines that the government plans to appoint Jardim as new Petrobras CEO.
- For reference, Reuters reported that Brazil's government appointed former Petrobras executive Rodolfo Landim to chair the state-controlled oil producer's board, the company said in a filing roughly two weeks ago.
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US: Corporate Credit Risk
Credit risk metrics continue to improve in late trade, off early lows to near middle of session' range -- mirroring the risk-on tone in rates (bear lows, yield curves bear steepening) vs. higher stocks (SPX eminis +62.50 at 4456.5).
- IG corporate credit risk measured by Markit's CDX IG5 index currently 65.846 (-1.690), 66.919 H/ 65.396 L
- High-yield index, CDXHY5, currently 105.722 (+.332), 106.044 H/ 105.630 L
USDJPY TECHS: Key S/T Resistance Remains Exposed
- RES 4: 118.07 2.236 proj of Apr 23 - Jul 2 - Aug 4 2021 price swing
- RES 3: 117.08 2.00 proj of Apr 23 - Jul 2 - Aug 4 2021 price swing
- RES 2: 116.35 High Jan 4 and the bull trigger
- RES 1: 116.34 High Feb 10
- PRICE: 115.70 @ 16:46 GMT Feb 15
- SUP 1: 115.01 Low Feb 14
- SUP 2: 114.65 50-day EMA
- SUP 3: 114.16 Low Feb 02
- SUP 4: 113.47 Low Jan 24 and key support
USDJPY remains below last week’s highs. The outlook is bullish following recent gains through resistance at 115.67/68, 76.4% of the Jan 4 - 24 downleg and the Jan 28 high. Attention is on key resistance at 116.35, Jan 4 high and the bull trigger. A clear break of this hurdle would resume the uptrend and pave the way for a climb towards 117.08, a projection of the Apr 23 - Jul 2 - Aug 4 price swing. Initial support is seen at 115.01.
PIPELINE: $6B Bristol-Myers 4Pt Jumbo Launched
Bristol Myers 4pt jumbo the lion's share of $11B total high grade debt issued Tue:
- Date $MM Issuer (Priced *, Launch #)
- 02/15 $6B #Bristol-Myers $1.75B 10Y +95, $1.25B 20Y +115, $2B 30Y +135, $1B 40Y +155
- 02/15 $1.5B #Enbridge $400M 2Y +63, $600M 2Y FRN/SOFR+63, $500M 3Y +73
- 02/15 $1B #Norfolk Southern $600M 10Y +95, $400M 31Y +135
- 02/15 $1B FactSet WNG $500M 5Y +100, $500M 10Y +145
- 02/15 $600M #Kimco 10Y +125
- 02/15 $500M #Israel Electric Corp WNG 10Y +175
- 02/15 $400M #Kemper 10Y +180
