EM CEEMEA CREDIT: SOAF: Finance committee sign off, not a surprise
Jun-04 13:04
Rep of South Africa (SOAF; Ba2/BB-pos/BB-)
Finance committee sign off, not a surprise
- National Assembly’s finance committee signing off on fiscal framework not a surprise.
- We look at how z-spreads have moved post budget 3.0 was formalised. Since May 22, we note that South Africa’s USD sovereign curve has tightened approx. 10 to 15bp (see chart below).
- “*SOUTH AFRICA LAWMAKER PANEL BACK FRAMEWORK UNDERPINNING BUDGET” – BBG
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PIPELINE: Corporate Bond Update: Apple Inc, Comcast Guidance & Historicals
May-05 12:57
- Apple and Comcast deals likely to lead today's corporate bond issuance. Estimates for Apple issuance range from $5-10B today based on issuance size and frequency over the last five years (though Apple did make it into the top 20 list of largest issuance with $17B on April 30, 2013).
- As for Comcast, estimate for today's 3pt deal is under $5B based on issuance over the last five years ($2-4B), though Comcast is in the top 10 largest issuance with $27B over 12 tranches on October 2, 2018 -- reportedly for Sky PLC financing.
- Date $MM Issuer (Priced *, Launch #)
- 05/05 $Benchmark Apple Inc 3Y +45a, 5Y +50a, 7Y +60a, 10Y +70a
- 05/05 $Benchmark Comcast 7Y +115a, 10Y +130a, 30Y +155a
- 05/05 $Benchmark American Int Group 5Y, 10Y, details TBA
- 05/05 $Benchmark ADP 7Y +80a
BONDS: US 10yr Yield moves above Friday's high
May-05 12:50
- Bund fades somewhat, taking its cue from the move lower in US Treasuries, TYM5 is sold in 6.5k, USM5 1k.
- Although the US Tnotes (TYM5) hasn't broken 111.02, Friday's low, the US 10yr has moved above Friday's high, printed a 4.3336% high.
- The resistance in the 10yr Yield will now be back at 4.40% which equates to 110.24+.
EQUITIES: Estoxx outright call
May-05 12:37
SX5E (19th Sep) 5100c sold at 325.4 in 5k vs 3.15k at 5240.00.
