COMMODITIES: Precious Metals Extend Gains, Crude Falls

• Date $MM Issuer (Priced *, Launch #)
• 04/21 $5B *American Express $1.6B 4NC3 +98, $400M 4NC3 SOFR+126, $1.5B 6NC5 +108, $1.5B 11NC10 +128
• 04/21 $700M Excelerate Energy 5NC2
• 04/21 $2B QXO Inc. 7NC3 investor calls

RRP usage rebounds to $114.114B this after noon from $58.600B last Thursday. Usage had fallen to $54.772B last Wednesday, April 16 -- lowest level since April 2021. Usage had surged to the highest level since December 31, 2024 last Monday, March 31: $399.167B. The number of counterparties at 38.

• Risk sentiment continues to sour, stocks at or near session lows at the moment as are Tsy futures (TYM5 -10.5 at 110-27, still above pre-open lo of 110-22).
• Market reactions to headline risk, latest focus partially tied to headlines that the WH is in the process of replacing Sec of Defense Hegseth following reports of another Signal Chat leak made the rounds. Politico reported GOP Rep Bacon said "Hegseth should Go".
• Conversely, WH Press Sec Leavitt just said the NPR report is false. Global trade remains the greater concern as markets await something concrete in tariff negotiations vs. hopes and promises that talks with dozens of countries is going well.
• Currently, the DJIA is down 1185.65 points (-3.03%) at 37956.3, S&P E-Minis down 172.5 points (-3.25%) at 5139.75, Nasdaq down 566.8 points (-3.5%) at 15720.71.