AMERICAS OIL: Petroecuador Declares Emergency at Largest Refinery

• Date $MM Issuer (Priced *, Launch #)
• 03/31 $Benchmark Japan Tobacco +3Y, +5Y, +10Y investor calls
• 03/31 $Benchmark Gold Fields 10Y investor calls
• 03/31 $Benchmark Caf perpNC5.5 investor calls
• Expected Tuesday:
• 04/01 $Benchmark Kommunalbanken Norway 4Y SOFR+41a
• 04/01 $Benchmark NRW Bank 5Y SOFR+49a
• 03/31 $Benchmark DBJ 5Y SOFR+62a

• White House Press Secretary Leavitt says President Trump will announce his reciprocal tariff plan on Wednesday at a Rose Garden event on April 2 – time currently unknown.
• Members of the cabinet will attend the announcement.
• She says the announcement will feature “country-based” tariffs but with Trump also “committed” to implementing sectoral duties which Bloomberg reports her as saying at another time.
• Trump will talk on tariff specifics at the announcement.
• About thirty minutes earlier, Trump took to Truth Social to talk about the benefits of his tariff policy, citing private investment pledged for the US. It implicitly suggested no sign of backing down ahead of “Liberation Day” on April 2 although of course with details waiting to be heard and likely to set the tone of market reaction to any announcement.
• Full Truth Social posts here: "There will never have been a transformation of a Country like the transformation that is happening, for all to see, in the United States of America. Companies are pouring into our Country at levels never seen before, with Jobs (and Money!) to follow. It is a beautiful thing to watch!
• In two months, there has been more Private Investment spoken for, and/or committed to, than in four years of the Sleepy Joe Biden Administration — A fact that the Fake News hates talking about!"

RRP usage surges to highest level since December 31, 2024: just under $400B to $399.167B this afternoon from $286.575B Friday. Compares to $58.770B (lowest level since mid-April 2021) on February 14. The number of counterparties at jumps to 66 from 45.