EM CEEMEA CREDIT: Sasol (SASOL; Ba1/BB+/-)
Jan-17 15:28
Sasol (SASOL; Ba1/BB+/-)
- Sasol’s SOL SJ stock seemingly reacted to a Bloomberg interview with the group’s CEO citing plans to revamp its chemical business, which includes US based operations, with a view to boost group’s earnings and potential for the unit to “list it by itself” or “merge it with someone else”.
- Meanwhile, SASOL 5.5 Mar31 benchmark USD denominated bond charts almost unchanged on the day @ z+471bp, having widened from a low of z+455bp earlier this month (see chart below).
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MNI EXCLUSIVE: MNI: Italy Makes NextGenEU Targets Easier - Gov't Sources
Dec-18 15:25
Italy is making changes to its huge NGEU programme, from which it still hopes for EUR191 billion.- On MNI Policy MainWire now, for more details please contact sales@marketnews.com
BONDS: Off Lows, Cross-Market Cues & Technicals Eyed
Dec-18 15:19
Some pre-U.S. cash equity open weakness in e-minis, as well as a hold of technical support in Bunds and intraday lows in gilts, allowed core global FI markets to recover from session lows.
- Tsys outperform, narrowing by 2.5bp to Bunds, while the gilt/Bund 10-Year spread is on track to close above 230bp, which would represent a fresh multi-decade high.
- Macro headline flow limited, leaving cross-market cues and technicals at the fore ahead of today’s major risk event, the final FOMC decision of ’24.
- With markets essentially fully discounting a 25bp rate cut, focus should quickly turn to the post decision communique (assuming a cut is delivered).
- The ’25 dot in the SEP will be eyed in the first instance.
- We believe that the dot plot will show 75bp of cuts in 2025 - 25bp less than the 100bp seen in the last edition - with 2026, 2027 and the Longer-Run dot also in line for increases.
- Click for our full preview.
US: SFR Call Condor
Dec-18 15:16
SFRF5 95.87/95.93/96.00/96.06c condor, bought for 1 in 2k.
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