EM CEEMEA CREDIT: SOAF: Finance committee sign off, not a surprise

• 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

• 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+.

SX5E (19th Sep) 5100c sold at 325.4 in 5k vs 3.15k at 5240.00.