EM ASIA CREDIT: Q1 Results: Korea Tobacco & Ginseng (KTGC, A3/A-/NR) - Beat
"*KT&G 1Q OPER PROFIT 285.56B WON, +21% Y/Y" - BBG Korea Tobacco, a recent $ issuer, has reported Q...
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SILVER TECHS: Impulsive Reversal Wave
- RES 4: $34.903 - High Oct 23 ‘24 and the bull trigger
- RES 3: $32.947/34.590 - 20-day EMA / High Mar 28
- RES 2: $32.491 - 50-day EMA
- RES 1: $30.815 - Low Feb 28
- PRICE: $30.172 @ 08:12 BST Apr 8
- SUP 1: $28.351 - Low Apr
- SUP 2: $27.686 - Low Sep 6 ‘24
- SUP 3: $27.180 - Low Aug 14 ‘24
- SUP 4: $26.451 - Low Aug 8 ‘24 and a key support
Silver continues to trade in a volatile manner. Last week’s sell-off confirmed a clear reversal of its recent uptrend. The metal yesterday traded through support at $28.748, the Dec 19 low. A clear break of this level would signal scope for a continued sell-off, towards $27.686, the Sep 6 ‘24 low. Initial resistance to watch is $30.815, the Feb 28 low. The contract is oversold, gains would allow this set-up to unwind.
USDCAD TECHS: Trend Structure Remains Bearish
- RES 4: 1.4452/4543 High Mar 13 / 4 and a bull trigger
- RES 3: 1.4415 High Apr 1
- RES 2: 1.4302 50-day EMA
- RES 1: 1.4248 Intraday high
- PRICE: 1.4163 @ 08:09 BST Apr 8
- SUP 1: 1.4028 Low Apr 3 and the bear trigger
- SUP 2: 1.3986 Low Dec 2 ‘24
- SUP 3: 1.3944 61.8% retracement of Sep 25 ‘24 - Feb 3 bull run
- SUP 4: 1.3894 Low Nov 11 ‘24
USDCAD has recovered from last week’s low. For now, the move higher appears corrective. The sell-off last week confirmed a resumption of the medium-term bear cycle that started Feb 3. Price has traded through a key support at 1.4151, the Feb 14 low, and this signals scope for an extension towards 1.3944, a Fibonacci retracement. On the upside, key short-term resistance is seen at 1.4302, the 50-day EMA.
EU-BOND SYNDICATION: Dual-tranche: 2.625% Jul-28 / 2.50% Oct-52: Books open
2.625% Jul-28 EU-bond (EU000A4D5QM6)
- Guidance: MS + 15 bps area
- Size: EUR 5bn (MNI had expected E4-6bln)
2.50% Oct-52 EU-bond (EU000A3K4DT4)
- Guidance: MS + 128 bps area
- Size: EUR 2bn (MNI had expected E4-6bln)
For both:
- Settlement: 15 April 2025 (T+5)
- Bookrunners: BNP Paribas, Deutsche Bank, J.P. Morgan, Natixis and Nomura
- Timing: Books open, today's business
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