EURGBP TECHS: Trading Closer To Its Recent Highs

• OAT: OAT remains in "flat"  structural positioning, where it has been for all of May after a spell in short territory in March/April. The most recent week's trade was indicative of long setting.
• GILT: Gilt structural positioning remains "very long" into the roll, compared with "flat" where it spent most of the prior 7 months. The latest week saw some some shorts set. 
• BTP: BTP remains in its typical "long" territory. Trade indicative of short covering was seen in the most recent week.

A new survey from Marquette Law School has found that President Donald Trump’s approval is lagging on issues considered the most important by US voters, including inflation and the economy. 

• Marquette: “Across seven specific issues, approval of the president’s job performance ranges from a high of 56% on border security to a low of 34% on inflation and the cost of living.”
• Marquette: “Inflation and cost of living is rated the most important issue by 36%, followed by threats to democracy at 19% and the economy at 13%. Medicare and Social Security is rated the fourth most important issue at 10%, followed by immigration at 9%. The federal budget deficit is seen as most important by 4%, health care by 3%, abortion policy by 2%, and foreign policy by 2%.”

Figure 1: Trump Job Approval Across Issues

Source: Marquette Law School 

• Date $MM Issuer (Priced *, Launch #)
• 05/21 $6.5B #Citibank $2.25 B2Y +58, $1.25B 2Y SOFR, $2.5B 5Y +78, $500M 5Y SOFR
• 05/21 $4B *ADB 5Y SOFR+42
• 05/21 $2B #Turkiye 7Y 7.45%
• 05/21 $2B #CoreWeave 5NC2 9.25%
• 05/21 $2B #BPCE $1B 6NC5 +125, $1B 11NC10 +145
• 05/21 $1.5B *OKB 3Y +34
• 05/21 $1.25B *Kommunalbanken +5Y SOFR+49
• 05/21 $1B #Northwestern Mutual Life 30Y +135a
• Expected Thursday:
• 05/21 $1B Finnvera WNG 5Y SOFR+53a