OUTLOOK: S&P E-Minis Bull Cycle Still In Play
Feb-03 10:52
- In the equity space, S&P E-Minis have traded higher this week and in the process cleared recent highs to confirm a resumption of the current bull cycle that started Dec 22. A key resistance and a bull trigger at 4180.00, the Dec 13 high, has also been pierced. A clear break of this level would confirm a resumption of a broader uptrend and open 4250.00, the Aug 26 2022 high. Initial firm support has been defined at 4007.50, the Jan 31 low.
- The EUROSTOXX 50 futures trend needle points north. The contract has breached resistance at 4206.00, the Jan 18 high. The clear break of this level confirms a resumption of the current uptrend and paves the way for gains towards 4269.50, 2.236 projection of the Sep 29 - Oct 4 rise from the Dec 20 low. Note that the trend remains overbought. A pullback, if seen, would represent a healthy correction. A break of 4097.00, the Jan 19 low, would signal the start of a short-term bear cycle.
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EGB SYNDICATION: Ireland 20y green mandate
Jan-04 10:43
- "Ireland has mandated BNP Paribas, BofA Securities, Cantor Fitzgerald Ireland, Danske Bank, Deutsche Bank and Nomura as joint lead managers for a forthcoming EUR 20-year RegS benchmark Green transaction, maturing 18 October 2043."
- MNI had noted last week that an Irish syndication was likely to be held this week, although we had thought a 10-year benchmark had been more likely.
- We would expect the transaction to take place tomorrow.
OPTIONS: Expiries for Jan04 NY cut 1000ET (Source DTCC)
Jan-04 10:41
- USD/JPY: Y129.30($595mln), Y130.00($640mln), Y134.30($1.4bln)
- AUD/USD: $0.6800-05(A$1.2bln)
EGB SYNDICATION: Slovenia 10y sustainability / 2045 tap
Jan-04 10:39
Tranche: 10yr Sustainability
- Maturity Date: 11 March 2033
- Size: EUR Benchmark
- Overbook in excess of E5.5bln (inc E350mln JLM interest)
- Guidance revised to MS+80bp (+/-3bp WPIR). Original guidance was MS+90 bps area
- ISIN: SI0002104303
Tranche: 3.125% Aug-45 SLOREP
- Maturity Date: 7 August 2045
- Size: TBD
- Overbook in excess of E1.7bln (inc E25mln JLM interest)
- Guidance revised to MS+140bp (+/-3bp WPIR). Original guidance was MS+145 bps area
- ISIN: SI0002103552
For both:
- Joint Bookrunners: BNP Paribas, Citi, Deutsche Bank, Erste Group (B&D), Nova KBM, UniCredit
- Timing: Books subject at 11:15GMT / 12:15CET
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