EQUITIES: ROLL PACE (update)

Date $MM Issuer (Priced *, Launch #

• 2/7 $Benchmark Eli Lilly 3Y +55a, 5Y +70a, 10Y +85a, 30Y +100a, 40Y +110a
• 2/7 $Benchmark Rogers Communications 5Y +140a, 10Y +165a
• 2/7 $Benchmark Constellation Software 5Y +140a, 10Y +165a
• 2/7 $Benchmark Dow Chemical 10Y +135a, 30Y +160a
• 2/7 $1B #Inter-American Inv Bank (IDB) 5Y SOFR+51
• 2/7 $500M Turkiye Wealth Fund WNG 5Y 9.125%a
• 2/7 $Benchmark NEDC 5Y Sukuk +185a
• 2/7 $Benchmark UBS WNG Perp NC7.2 8.375%a

Senate Majority Leader Chuck Schumer (D-NY) reportedly plans to bring a ‘clean’ national security package, stripped of the Senate border deal and coupled with the FEND Off Fentanyl Act, to the Senate for a procedural vote at 13:00 ET 18:00 GMT today - immediately after Republicans block the border bill. More on "Speaker Johnson's worst day in office" in the MNI US Daily Brief.

• Schumer's plan appears nearly identical to Biden's original (September 2023) USD$106 billion request and will face the same conservative opposition but offers a glimmer of hope for Ukraine aid - now critical, according to the Pentagon and Which House National Security Council.
• Senate Minority Leader Mitch McConnell (R-KY) appears on board and it could feasibly attract the 60 Senate votes required to clear a filibuster but there are serious questions about the extent of McConnell's power after the collapse of the border deal.
• McConnel said: “We still, in my view, ought to tackle the rest of it because it’s important — not that the border isn’t important, but we can’t get an outcome.”
• If the Senate passes the national security package, likely by late this week, then it will head to the House where there may be a narrow pathway despite House Speaker Mike Johnson’s (R-LA) opposition.
• Per Punchbowl News: “…there have been private discussions about a House discharge petition built around a Ukraine-Israel aid package. This would require 218 signatures. There are clearly enough GOP and Democratic supporters on Ukraine, although conservative Republicans will strongly oppose this.”

FRBNY EFFR for prior session:

• Daily Effective Fed Funds Rate: 5.33% (+0.00), volume: $97B
• Daily Overnight Bank Funding Rate: 5.32% (+0.00), volume: $261B

Earlier Repo Reference Rates:

• Secured Overnight Financing Rate (SOFR): 5.31% (+0.00), volume: $1.738T
• Broad General Collateral Rate (BGCR): 5.30% (+0.00), volume: $682B
• Tri-Party General Collateral Rate (TGCR): 5.30% (+0.00), volume: $672B
• (rate, volume levels reflect prior session)