CANADA: USDCAD Reverses ADP Pop As BoC Decision Comes Into Focus
Jul-07 14:44
- USDCAD sees new session lows of 1.329, with CAD FI seeing sizeable underperformance to Tsys post respective jobs reports and WTI reversing earlier losses.
- Broader USD weakness does however limit CAD on the day vs other crosses, with CAD only outperforming USD and much less so EUR.
- The move sees the pair swing back from an earlier testing of 1.3386 (50% retrace of the May 26-Jun 27 downleg) and closes in on yesterday’s low of 1.3275 that in turn probed support at the 20-day EMA of 1.3280.
- A further push lower would next open a key short-term level of 1.3203 (Jul 4 low) although Wednesday’s BoC decision looming could possibly limit further moves.
Source: Bloomberg
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PIPELINE: $1B Swedish Export Credit 5Y SOFR Priced
Jun-07 14:44
- Several additional names expected to issue debt today:
- Date $MM Issuer (Priced *, Launch #)
- 06/07 $1B *Swedish Export Credit 5Y SOFR+53
- 06/07 $1B Kommuninvest WNG 2Y SOFR+29
- 06/07 $1B Finnerva PLC WNG 2028 SOFR+48a
- 06/07 $Benchmark ASB Bank 3Y +130a
- 06/07 $500M Brookfield Capital 10Y +240a
- 06/07 $Benchmark Mass Mutual 5Y +135a
- 06/07 $Benchmark Vale Overseas 10Y +265a
- 06/07 $Benchmark Aker BP 5Y +200a, 10Y +250a
- 06/07 $Benchmark National Grid 5Y +195a, 10Y +230a
- 06/07 $Benchmark McKesson Corp 5Y +130a, 10Y +170a
- 06/07 $Benchmark US Bancorp 6NC5 +200a, 11NC10 +225a
- 06/07 $Benchmark PNC Financial 3NC2 +150a, 6NC5 +190a
- Expected Thursday:
- 06/08 $2.675B HUB Int 7NC3
CROSS ASSET: Sizeable Sell Programs Accompany Pullback in Equity Indices
Jun-07 14:42
- Reversal off highs for equity markets prompting a catch-up bid in the USD in recent trade, helping drag the likes of EUR/USD and GBP/USD well off the earlier highs.
- Biggest sell programs of the day so far (and bigger than any seen yesterday) going through via the NYSE TICK Index, with near 850 names sold - adding weight in the index to put the e-mini S&P at fresh lows. More sizeable volumes crossed in equity futures at 1035ET/1535BST - helping trigger the weakness in stocks.
- Equity drop doing little to turn around yields, however, with the 10y yield pushing to fresh highs of 3.7545% and getting a tailwind from the hawkish interpretation for the BOC. A 3.76% print would be the highest of the week so far.
EGB SYNDICATION: Spain: EUR Benchmark 10y - Allocations Out
Jun-07 14:34
E13bln Spain EUR Benchmark Long 10Y Fixed (Oct. 31, 2033) at SPGB +10bps
- HR 105% vs SPGB 04/33
- Hedge Deadline 1555UK/1655CET
- Initial guidance was SPGB+12bp area
- Order books closed >E85bn (incl. E7.9bln JLM interest)
- Settlement: June 14, 2023
- ISIN: ES0000012L78
- Bookrunners: Barclays (B&D), BBVA, CA-CIB, DB, GS, Santander
From market source
