US TSYS/SUPPLY: Refunding: No Guidance Change; X-Date Update Coming In May
Apr-30 12:30
- Treasury kept its guidance on coupon auction sizes unchanged. It "anticipates maintaining nominal coupon and FRN auction sizes for at least the next several quarters."
- No estimate at this time of how long Treasury's cash and extraordinary measures may last. "We expect to provide an update
during the first half of May after the majority of receipts from the April income tax filing season have been received."
Treasury's anticipated auction sizes for the May to July 2025 quarter are as follows (in biliions USD):
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GLOBAL POLITICAL RISK: Week Ahead 31 March-6 April
Mar-31 12:26
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MNI's Political Risk team has published its Week Ahead article, looking at some of the major political events scheduled to take place over the next seven days. Includes information on US President Donald Trump's imposition of reciprocal tariffs on 'Liberation Day', French far-right politician Marine Le Pen's conviction and ban from running for public office that has upended the 2027 presidential election race, and a meeting between Russia and China's foreign ministers in Moscow.
Full article attached below:
PIPELINE: Corporate Bond Roundup: DBJ 5Y SOFR on Tap
Mar-31 12:24
- Date $MM Issuer (Priced *, Launch #)
- 03/31 $Benchmark DBJ 5Y SOFR+62a
- 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 NRW Bank 5Y SOFR+49a
EFSF ISSUANCE: Syndication: 5-year May-30: Priced
Mar-31 12:21
- Reoffer: 99.814 to yield 2.664%
- Size: E5bln
- Final Spread set earlier: MS+30bps (guidance was MS+32bps area)
- Books closed in excess of E19.5bln (ex JLM interest)
- Hedge ratio 99% vs 2.40% Apr-30 Bobl. Spot ref 100.461 + 36.5bp
- Maturity: 07-May-2030
- Settlement: 07-Apr-2025 (T+5)
- Coupon: Long first to 07-May-2026
- Bookrunners: CITI/CACIB(DM/B&D)/SG
- ISIN: EU000A2SCAT6
- Timing: TOE 13:14BST / 14:14CET. FTT immediately.
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