FED: SOMA Runoff Resumes ~$20B/Monthly Runoff Pace (2/2)
Oct-02 21:06
The typical pace of Fed asset runoff resumed after a slower 4-week period, with an $18B reduction in...
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ASIA: Coming Up In Asia Pac Markets On Wednesday
Sep-02 21:02
| 0000BST | 0700HKT | 0900AEST | Australia Aug F S&P Global PMI Services |
| 0000BST | 0700HKT | 0900AEST | Australia Aug F S&P Global PMI Composite |
| 0000BST | 0700HKT | 0900AEST | South Korea Q2 P GDP |
| 0130BST | 0830HKT | 1030AEST | Japan Aug F S&P Global PMI Services |
| 0130BST | 0830HKT | 1030AEST | Japan Aug F S&P Global PMI Composite |
| 0200BST | 0900HKT | 1100AEST | Australia 2036 Bond Sale |
| 0230BST | 0930HKT | 1130AEST | Australia Q2 GDP |
| 0245BST | 0945HKT | 1145AEST | China Aug RatingDog PMI Services |
| 0900BST | 1600HKT | 1800AEST | RBA Governor Speaks In Perth |
Source: Bloomberg Finance L.P./MNI
PIPELINE: Corporate Bond Roundup: Unexpected $47.45B Priced Tuesday
Sep-02 20:44
- Date $MM Issuer (Priced *, Launch #)
- 09/02 $6B Merck $750M 2Y +25, $500M 2Y SOFR+46, $750M 5Y +45, $1B 7Y +58, $1.75B 10Y +68, $1.25B 30Y +75
- 09/02 $4.5B *Cigna $1B 5Y +80, $1.25B 7Y +90, $1.5B 10Y +100, $750M 30Y +110
- 09/02 $4B *MUFG $1B 6NC5 +80, $1B 6NC5 SOFR+113, $1B 11NC10 +93, $1B PerpNC10 6.35%
- 09/02 $2.5B *CIBC $850M 3NC2 +60, $650M 3NC2 SOFR+80, $1B 6NC5 +85
- 09/02 $2B *Royalty Pharma $600M +5Y +93, $900M 10Y +118, $500M 30Y +128
- 09/02 $2B *Volkswagen Grp $700M 2Y +82, $700M 3Y +95, $600M 5Y +112
- 09/02 $2B *Toyota Cr $800M 3Y +47, $500M 3Y SOFR+72, $700M 7Y +68
- 09/02 $2B AIIB WNG 5Y SOFR +34a
- 09/02 $1.75B *Brazil $750M 11/30 tap 5.2%, $1B 30Y +7.5%
- 09/02 $1.75B *Sumitomo Mitsui $750M 3Y SOFR+75, $500M 5Y +65, $500M 11NC10 +115
- 09/02 $1.65B *Mitsubishi $300M 3Y +45, $400M 3Y SOFR+70, $500M 5Y +50, $400M 10Y +65
- 09/02 $1.65B *American Honda $700M 3Y +65, $300M 3Y SOFR+90, $650M 5Y +80
- 09/02 $1.5B *BHP Billiton $500M +10Y +77, $1B 30Y +83
- 09/02 $1.5B *HSBC 11NC10 +147
- 09/02 $1.5B *ING PerpNC7 7.0%
- 09/02 $1.35B *Jersey Central Power $350M +3Y +55, $500M +5Y +70, $500M +10Y +90
- 09/02 $1.25B *Ford Motor Cr 5Y +198
- 09/02 $1.25B *Credit Agricole PerpNC10 7.125%
- 09/02 $1.2B *Kodiak Gas $600M 8NC3 6.5%, $600M 10NC5 6.75%
- 09/02 $1B *Norinchukin $500M 5Y +93, $500M 10Y +108
- 09/02 $1B *Guardian Life $550M 3Y +45, $450M 7Y +70
- 09/02 $750M *Nomura 10.75NC5.75 +130
- 09/02 $650M *Ares Capital +5Y +160
- 09/02 $600M *Antofagasta 10Y +140
- 09/02 $600M *First Citizens 10NC5 +185
- 09/02 $500M *Jackson National Life 5Y +85
- 09/02 $500M *Alabama Power +5Y +60
- 09/02 $500M *Orix Corp 5Y +75
- 09/02 $Benchmark Kingdom of Saudi Arabia Sukuk 5Y +65, 10Y +75
- Expected Wednesday:
- 09/03 $Benchmark OKB 5Y SOFR+46a
EQUITIES: Bounce From Midday Lows, But Rate-Sensitive Names, Tech Lead Losses
Sep-02 20:18
Despite a late rally, equities were roundly lower Tuesday, with almost all S&P 500 sectors declining and just 23% of individual names higher on the day.
- The S&P 500 would fall 1.6% at the session's low, completely reversing the rally seen after Fed Chair Powell's dovishly-perceived Jackson Hole speech on Aug 22, before picking up from midday to pare losses to around 0.7%.
- The session had a defensive tone about it in the return from a 3-day weekend, with rising long-end bond yields seen weighing on rate-sensitive stocks in particular.
- That was borne out in sectoral performance. The outperformers, energy, consumer staples and health care, were roughly flat; the biggest decliners were in real estate (-1.7%), industrials (-1.1%), tech (-1.0%) and consumer discretionary (-1.0%) names.
- NVIDIA was a notable underperformer among megacaps, falling 2.0%. Equity futures saw a pullback before the opening bell after semiconductor giant TSMC announced that the US had revoked its waiver to export chips freely to China.
- Note, S&P emini futures gained 0.2% immediately after the cash close, with Bloomberg headlines pointing to gains by tech names Apple and Alphabet after Reuters reported "GOOGLE WILL NOT HAVE TO SELL OFF CHROME, JUDGE IN ONLINE SEARCH MONOPOLY CASE RULES"
