US: Student Loan Defaults Climb Rapidly, Interest Rate Reduction Announced
Jun-18 16:42
Bloomberg reports the US Department of Education showing a marked increased in the number of student...
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PIPELINE: Corporate Bond Update: $2B Mobility Launched, Updated Guidance
May-19 16:42
- Date $MM Issuer (Priced *, Launch #)
- 05/19 $4B *ADB 5Y SOFR+29
- 05/19 $2B #Mobility Global $650M 3Y +88, $650M 5Y +115, $700M 10Y +142
- 05/19 $1.25B *OKB 3Y SOFR+24
- 05/19 $1B *Munifin WNG 5Y SOFR +34
- 05/19 $1B #Xylem $500M 7Y +75, $500M 10Y +80
- 05/19 $750M FMC Corp 5NC2
- 05/19 $500M #Golub Capital 5Y +220
- 05/19 $Benchmark CCDJ 5Y +95a
- 05/19 $Benchmark SocGen 6NC5 +105
- 05/19 $Benchmark Ford Motor Cr 10Y +205a
- 05/19 $Benchmark Pricoa Global Funding 5Y +68
- 05/19 $Benchmark Baltimore G&E 7Y +95a, 30Y +115a
- 05/19 $Benchmark Ecolab 3Y +43, 5Y +53, 7Y +68, 10Y +73
- 05/19 $Benchmark Georgia Power 1.5Y SOFR+42, 3Y +42, 03/31 tap +50
- Expected this week:
- 05/20 $Benchmark Japan Int Co-Op Agy (JICA) 5Y SOFR+54a
- 05/20 $Benchmark IDB Invest 5Y SOFR+37a
- 05/20 $Benchmark Canada 5Y +5a
- 05/20 $750M RR Donnelley 5NC2
US 10YR FUTURE TECHS: (M6) Bearish Cycle Extends
May-19 16:23
- RES 4: 111-03+ High May 7
- RES 3: 110-29 50-day EMA
- RES 2: 110-00+/110-10+ Low May 4 / 20-day EMA
- RES 1: 109-24 Low Mar 27
- PRICE: 108-20+ @ 17:12 BST May 19
- SUP 1: 108-18 Low May 19 & 1.382 proj of the Apr 17 - May 4 - 7 price swing
- SUP 2: 108-00 Round number support
- SUP 3: 107-27+ 1.764 proj of the Apr 17 - May 4 - 7 price swing
- SUP 4: 107-13+ 2.000 proj of the Apr 17 - May 4 - 7 price swing
A bearish theme in Treasuries remains intact and today’s fresh cycle low reinforces current conditions. Note that moving average studies remain in a bear-mode position, highlighting a dominant downtrend. The bear trigger at 109-24, the Mar 27 low, and the 109-00 handle, have been cleared. A continuation lower would open the 108-18, a Fibonacci projection. Initial firm resistance to watch is the 20-day EMA, at 110-10+.
JAPAN: Japan Officials Continue to Comment on Latest Market Moves
May-19 16:21
- "[RTRS] KATAYAMA: READY TO TAKE DECISIVE ACTION ON FOREX"
- Relatively limited impact on the yen here, with USDJPY dipping around 20 pips to 158.95, but not as reactive compared to the earlier Bessent comments. We pointed out that there appears to be a coordinated effort between US and Japan officials at the G7 summit to revive the FX rhetoric, and the market still appears sensitive to these types of headlines.
- Katayama was on the wires yesterday, reiterating they are seeing speculative moves in the financial market and that volatility in oil prices is affecting the FX market.
- While Katayama declined to comment on outright intervention, she said the MoF will address FX appropriately and she told the G7 that they need to take action to correct global imbalances. A reminder that the MoF’s chief currency diplomat used language such as "This is our final evacuation warning to markets," before official intervention was seen.
- There have been a couple of follow up headlines from Ueda, stating the BOJ need to closely monitor signs on upward price pressure. When asked about BOJ tapering plans, Ueda said they will assess market situation, functionality.
