EM CEEMEA CREDIT: TURKEY: launched
May-21 15:57
Republic of Türkiye (TURKEY; B1pos/BB-/BB-)
UPDATE New issue deal USD benchmark 7Y
Mkt source: Yield Set @ 7.45%, size USD2bn
IPT 7Y @ 7.75% area
FV @ 7.30% area
Link to earlier note below:
https://mni.marketnews.com/3Sfdzwg
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FED: Citi: 125bp Cuts This Year, But Next One Pushed Back From May To June
Apr-21 15:42
Citi has pushed back its expectation for the next Fed rate cut to June, from May previously, as Fed officials "have guided against a May cut" amid government policy uncertainty.
- They still expect 125bp of cuts this year, however, which is more than the just-under-100bp currently priced by Fed funds futures. Citi: "we expect a range of data to have pushed Fed officials more dovish by June. That would include weaker "soft" data (including PMI this week) and signs that the labor market is loosening with the unemployment rate rising in the next few jobs reports."
- Citi shifted its 2025 view to 125bp of cuts immediately after the April 2 tariff announcements, from 75bp - in both cases they had seen the next cut in May.
- They note "risks are skewed to faster and/or deeper rate cuts" given that getting rates to around 3%, while close to where the FOMC sees longer-run neutral, is not "appropriately stimulative should financial conditions continue to tighten and the economy move closer to recession".
- MNI is not aware of any analysts still expecting a cut at the May FOMC at this stage (decision announced May 7), with futures-implied pricing of a 25bp reduction at around 15%.
FED: US TSY 26W BILL AUCTION: HIGH 4.050%(ALLOT 30.34%)
Apr-21 15:32
- US TSY 26W BILL AUCTION: HIGH 4.050%(ALLOT 30.34%)
- US TSY 26W BILL AUCTION: DEALERS TAKE 23.26% OF COMPETITIVES
- US TSY 26W BILL AUCTION: DIRECTS TAKE 13.40% OF COMPETITIVES
- US TSY 26W BILL AUCTION: INDIRECTS TAKE 63.34% OF COMPETITIVES
- US TSY 26W BILL AUCTION: BID/CVR 2.93
FED: US TSY 13W BILL AUCTION: HIGH 4.225%(ALLOT 39.00%)
Apr-21 15:32
- US TSY 13W BILL AUCTION: HIGH 4.225%(ALLOT 39.00%)
- US TSY 13W BILL AUCTION: DEALERS TAKE 30.02% OF COMPETITIVES
- US TSY 13W BILL AUCTION: DIRECTS TAKE 8.07% OF COMPETITIVES
- US TSY 13W BILL AUCTION: INDIRECTS TAKE 61.90% OF COMPETITIVES
- US TSY 13W BILL AUCTION: BID/CVR 3.01
