CHILE: USDCLP In Consolidation Mode, But Copper A Tailwind For The Peso
Oct-03 11:22
- USDCLP closed marginally higher at 962 yesterday, despite a further 1.5% bounce in copper prices. A further uptick in copper prices today leaves the red metal 5% higher on the week and up by 8% over the last month, amid supply concerns. This should provide more of a tailwind for the peso once the uncertainty over the US shutdown eases.
- For now, USDCLP remains in consolidation mode, with medium-term resistance established at 977.57, the Sep 2 high. On the downside, attention remains on the 940.00 handle.
- Today’s macro calendar remains clear, with attention next week on trade figures on Tuesday and CPI inflation data on Wednesday, both for September. The latter will be particularly important for the central bank, which adopted a more hawkish tone last month amid concerns over persistent core inflation pressures.
- While further rate cuts to a neutral level are still expected over the coming months, the next move is now not seen until December. What’s more, indications from some board members that the neutral rate may be raised to the upper half of the 3.5-4.5% estimated range means that the BCCh may only deliver one to two further 25bp cuts before bringing the easing cycle to an end.
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BUNDS: Large Buxl Calendar spread
Sep-03 11:17
Large Buxl Calendar spread goes through in the past 10 minutes or so.
- UBU5/Z5 trades in 37.9k.
PIPELINE: Corporate Bond Update: $2B AIIB Launched
Sep-03 11:05
- Date $MM Issuer (Priced *, Launch #)
- 09/03 $2B #AIIB 3Y SOFR+31
- 09/03 $Benchmark OKB 5Y SOFR+43
- 09/03 $Benchmark Nordea Bank Perp Nov'33 7.25%a
- 09/03 $Benchmark The Commercial Bank (PSQC) 5Y +125a
- 09/03 $Benchmark Turkie Wealth Fund +5Y 7.625%a, 10Y 8.735%a
PIPELINE: Corporate Bond Roundup: September Kicked of With Record 28 Issuers
Sep-03 11:04
A record 28 companies issued $50.95B in debt Tuesday. The record for largest single day issuance, however, is $59.55B on Monday, January 6 of this year from 25 companies & supra sovereigns.
- 09/02 $6B Merck $750M 2Y +25, $500M 2Y SOFR+46, $750M 5Y +45, $1B 7Y +58, $1.75B 10Y +68, $1.25B 30Y +75
- 09/02 $5.5B *Kingdom of Saudi Arabia Sukuk $2.25B 5Y +65, $3.25B 10Y +75
- 09/02 $4.5B *Cigna $1B 5Y +80, $1.25B 7Y +90, $1.5B 10Y +100, $750M 30Y +110
- 09/02 $4B *MUFG $1B 6NC5 +80, $1B 6NC5 SOFR+113, $1B 11NC10 +93, $1B PerpNC10 6.35%
- 09/02 $2.5B *CIBC $850M 3NC2 +60, $650M 3NC2 SOFR+80, $1B 6NC5 +85
- 09/02 $2B *Royalty Pharma $600M +5Y +93, $900M 10Y +118, $500M 30Y +128
- 09/02 $2B *Volkswagen Grp $700M 2Y +82, $700M 3Y +95, $600M 5Y +112
- 09/02 $2B *Toyota Cr $800M 3Y +47, $500M 3Y SOFR+72, $700M 7Y +68
- 09/02 $1.75B *Brazil $750M 11/30 tap 5.2%, $1B 30Y +7.5%
- 09/02 $1.75B *Sumitomo Mitsui $750M 3Y SOFR+75, $500M 5Y +65, $500M 11NC10 +115
- 09/02 $1.65B *Mitsubishi $300M 3Y +45, $400M 3Y SOFR+70, $500M 5Y +50, $400M 10Y +65
- 09/02 $1.65B *American Honda $700M 3Y +65, $300M 3Y SOFR+90, $650M 5Y +80
- 09/02 $1.5B *BHP Billiton $500M +10Y +77, $1B 30Y +83
- 09/02 $1.5B *HSBC 11NC10 +147
- 09/02 $1.5B *ING PerpNC7 7.0%
- 09/02 $1.35B *Jersey Central Power $350M +3Y +55, $500M +5Y +70, $500M +10Y +90
- 09/02 $1.25B *Ford Motor Cr 5Y +198
- 09/02 $1.25B *Credit Agricole PerpNC10 7.125%
- 09/02 $1.2B *Kodiak Gas $600M 8NC3 6.5%, $600M 10NC5 6.75%
- 09/02 $1B *Norinchukin $500M 5Y +93, $500M 10Y +108
- 09/02 $1B *Guardian Life $550M 3Y +45, $450M 7Y +70
- 09/02 $750M *Nomura 10.75NC5.75 +130
- 09/02 $650M *Ares Capital +5Y +160
- 09/02 $600M *Antofagasta 10Y +140
- 09/02 $600M *First Citizens 10NC5 +185
- 09/02 $500M *Jackson National Life 5Y +85
- 09/02 $500M *Alabama Power +5Y +60
- 09/02 $500M *Orix Corp 5Y +75
