US: Trump Weighs In On Japan Trade Deal
President Trump posts the following on Truth Social "Remember, Japan is, for the first time ever, OPENING ITS MAKET TO THE USA, even to cars, SUV’s, Trucks, -and everything else, even agriculture and RICE, which was always a complete NO, NO. The Open Market Japan may be as big a profit factor as the Tariffs themselves, but was only gotten because of the Tariff Power. They also agreed to buy BILLIONS OF DOLLARS WORTH OF MILITARY AND OTHER EQUIPMENT, and give us 90% of 550 BILLION DOLLARS - AND MORE!!! MAGA!!!"
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IRAN: US Assesses High Risk of Iran Retaliation As Soon As Next Day or Two
- "EXCLUSIVE: US ASSESSES HIGH RISK OF IRANIAN RETALIATION AGAINST US FORCES SOON, US STILL PURSUING DIPLOMATIC RESOLUTION, TWO US OFFICIALS SAY
- "IRANIAN RETALIATION COULD COME AS SOON AS NEXT DAY OR TWO, ONE OF THE OFFICIALS SAY" - Reuters
ECB: Lagarde Cites Trade Diversion As Downside Inflation Risk
Nothing too market moving in Lagarde's remarks to EU Parliament, which largely re-iterate the communication from the June press conference. Still, it's interesting she cites disinflationary trade diversion as a downside risk to the inflation outlook - something the hawkish Executive Board member Schnabel has argued is likely to be a "quantitatively small" impact.
- "Risks to the growth outlook remain tilted to the downside, however. In particular, growth could slow in the event of a further escalation in global trade tensions and the associated uncertainties, deteriorating financial market sentiment and continued geopolitical tensions".
- "Most indicators of underlying inflation continue to suggest that inflation will stabilise sustainably at our 2% medium-term target"...."The outlook for euro area inflation is more uncertain than usual, with frictions in global trade responsible for both upside and downside risks. Upside risks include a possible fragmentation of global supply chains, while downside risks include lower demand for euro area exports and countries with overcapacity rerouting their exports to the euro area".
- "At the current interest rate levels, we believe that we are in a good position to navigate the uncertain circumstances."
- The rest of the speech covers developments in stablecoins and cryptoassets.
PIPELINE: Corporate Bond Update: Supra Sovereign US$ Bonds Mexico & Barbados
- Date $MM Issuer (Priced *, Launch #)
- 06/23 $500M Turk Eximbank WNG 3Y 7.5%
- 06/23 $500M Barbados 10Y 8%a
- 06/23 $Benchmark IFC 5Y SOFR+43a
- 06/23 $Benchmark Hanwha 3Y +100a
- 06/23 $Benchmark KT Corp 3.5Y +70a
- 06/23 $Benchmark JBIC 3Y SOFR+48a
- 06/23 $Benchmark Nomura PerpNC5.5, 5Y, 10Y
- 06/23 $Benchmark Mexico 7Y +210a, +12Y +265a
- 06/23 $Benchmark BNP Paribas PerpNC10 7.75%
- 06/23 $Benchmark NiSource 10Y +125a, 30Y +135a
- 06/23 $Benchmark Marvell Tech 5Y +120a, 10Y +145a
- 06/23 $Benchmark Public Service of Oklahoma +10Y +135a
- 06/23 $Benchmark JBS USA +10Y +150a, +30Y +170a, +40Y +190a
- On tap for Tuesday
- 06/24 $Benchmark Denmark 2Y +7a
