EMISSIONS: Shipowners Face Compliance Trouble as EU ETS Reporting Lags
May-30 10:56
Shipping firms risk heavy penalties under the EU ETS due to delays and difficulties in emissions rep...
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US TSYS: Modestly Twist Flatter On Low Volumes Ahead Of An Important Docket
Apr-30 10:53
- Treasuries trade twist flatter as the front end modestly pares latest gains whilst the long end consolidates and in the case of 2-s and 30s builds upon prior gains.
- Weaker than expected Caterpillar results have weighed on equities but with little sign of spillover into Treasuries.
- Futures volumes have been subdued overnight ahead of a particularly heavy docket before further risk events after the equity cash close with results from Meta and Microsoft.
- Today sees the Treasury QRA at 0830ET (MNI preview) along with multiple data releases that include Q1 GDP (mini preview here) and March PCE (here).
- Cash yields are 1bp higher (2s and 3s) to 2bp lower (20s and 30s).
- 10Y yields at 4.162% eye 4.15% for the first time since early Apr 8, i.e. comfortably pre-tariff pause levels.
- TYM5 trades at 112-06 (+01) in a narrow range, consolidating yesterday’s rally with an overnight high of 112-09.
- Prior clearance of 111-25 (50% retrace of Apr 7-11 bear leg) has undermined a prior bearish theme and the contract has again stepped closer to latest resistance at 112-12 (61.8% retrace of the same bear leg). To the downside, support at 111-07+ (20-day EMA).
- Data: Weekly MBA data (0700ET), ADP employment Apr (0815ET), GDP Q1 advance (0830ET), Employment Cost Index Q1 (0830ET), MNI Chicago PMI Apr (0945ET), PCE report Mar (1000ET), Pending home sales Mar (1000ET)
- Bill issuance: US Tsy $60B 17W bill auction (1130ET)
- Full Treasury Quarterly Refunding Announcement (0830ET). Recent market volatility has reduced the possibility that Treasury will adjust its guidance that it will keep nominal coupon auction sizes unchanged for "at least the next several quarters", as changing this would signal an intention to increase bond supply in the near future. That view was further boosted by details in Monday's borrowing estimates.
OPTIONS: Larger FX Option Pipeline
Apr-30 10:53
- EUR/USD: May01 $1.1270(E1.1bln), $1.1500(E1.0bln); May05 $1.1073(E2.4bln), $1.1100($1.5bln), $1.1190-00(E1.4bln), $1.1285-00(E2.3bln)
- USD/JPY: May01 Y143.00($1.3bln), Y145.75($1.6bln); May02 Y147.50($1.2bln)
- AUD/USD: May05 $0.6550-60(A$1.0bln), $0.6635-45(A$1.1bln)
- USD/CAD: May05 C$1.3865-70($2.5bln)
PIPELINE: Corporate Bond Roundup: $1B CoE Launched, IADB, NIB, Bahrain on Tap
Apr-30 10:49
- Date $MM Issuer (Priced *, Launch #)
- 04/30 $1B #CoE Dev Bank 3Y SOFR+36
- 04/30 $Benchmark IADB 5Y SOFR+44
- 04/30 $Benchmark Nordic Investment Bank 5Y SOFR+43
- 04/30 $Benchmark Bahrain 12Y 7.75%a, 8Y Sukuk 6.625%a
- $22.95B Priced Tuesday, $40.175B/wk
