INDIA: Trade Deficit Unexpectedly Widens in April
May-15 12:49
"INDIA APRIL TRADE DEFICIT $26.420B; EST. -$20.500B" - BBG. Compares to a deficit of $21.539bln in M...
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EGB SYNDICATION: Italy: 7-year BTP / 30-year BTPei Mandate
Apr-15 12:48
- "The Ministry of Economy and Finance has mandated Banco Bilbao Vizcaya Argentaria SA, BofA Securities Europe S.A., Goldman Sachs Bank Europe SE, J.P. Morgan SE, Natixis SA and Société Générale Inv. Banking for a dual tranche syndicated issuance of a new 7-year BTP due 15th July 2032 and a €3 billion no-grow issuance new 30-year BTP€i - linked to the eurozone HICP ex-tobacco - due 15th May 2056."
- "The transaction will be launched in the near future subject to market conditions."
- "The auction of the BTP€i scheduled for the 24th of April 2025 will not take place."
- We had noted in our issuance publications that we thought there was a chance that a new 7-year BTP (maturing 15 July 2032) would be launched at syndication rather than at auction as part of a dual-tranche syndication (potentially alongside a 20/30/50-year or 20/30-year BTPei) in the coming weeks - so this is not a huge surprise to us.
- We expect the transaction to take place tomorrow and pencil in a wide E7-13bln range for the 7-year BTP (in addition to the E3bln WNG for the 30-year BTPei).
FED FUNDS FUTURES: BLOCK: Jul'25 FF Sale
Apr-15 12:45
- -10,000 FFN5 95.89, sell through 95.895 post time bid at 0836:27ET.
- The July serial contract trades 95.89 last (-0.015)
US TSYS: Post Empire MFG, Import/Export Prices React
Apr-15 12:37
- Two-way flow as Treasuries inch off lows then retreat -- holding to narrow overnight range after Empire Mfg comes out less negative than expected, both import & export price index figures lower than expected, prior import prices down revised while prior export prices are up-revised.
- Jun'25 10Y futures currently -2 at 110-22, well above initial technical support at 109-08 (Low Apr 11). Curves mildly steeper, 21s10s +1.019 at 53.492, 5s30s +1.874 at 81.411.
- Cross asset: Bbg US$ index near steady: -.48 at 1229.58, stocks weaker w/ SPX eminis -18.75 at 5422.00.
