LNG: Venture Global Issues Commissioning Cargo Request
Venture Global Plaquemines LNG Submits Request for Written Authorization to Load First Export Commissioning Cargo.
- The operator of Plaquemines LNG submitted a letter dated December 20 to FERC, requesting written authorization to load its first LNG export commissioning cargo on or after December 21. The facility has a nameplate capacity of 20 metric tons per year (MTPA). The US exported a record 13.6bcf/d in LNG exports last year. Plaquemines will produce and export LNG while construction and commissioning is underway for the remaining 36 trains and associated facilities.
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CANADA: 10Y Auction - Lowest Bid-to-Cover Since Oct 2022
- Canada sold C$5bn of the 3.25% Dec’34 at an average yield of 3.368%.
- The bid-to-cover of 2.026 was the lowest for a 10Y auction since Oct 2022. It followed 2.382 in Oct and a five-auction average of 2.27.
- The Can-US 10Y yield differential hold a recent further increase on the day, currently at -104bp from -106.5bp at yesterday’s close, -112bp prior to CAD CPI and last week’s lows of almost -120bp.
PIPELINE: $2B Commonwealth Bank of Australia 2Pt Debt Launched
- Date $MM Issuer (Priced *, Launch #)
- 11/20 $3.5B #International Development Assn (IDA) 5Y SOFR+47
- 11/20 $2B #Commonwealth Bank of Australia (CBA) $1.3B 2Y +28, $700M 2Y SOFR+46
- 11/20 $850M #Smurfit Westrock Financing 10Y +100
- 11/20 $600M #Adani 20Y +7.45%
- 11/20 $BenchmarkPrinciple Life 5Y +90a
- 11/20 $Benchmark BP Capital 2027 tap, 5Y, 2034 tap
- 11/20 $Benchmark Blackstone Private Credit Fund 5Y +185a, 10Y +215a
- 11/20 $Benchmark State Street Bank & Trust 2Y +55a, 2Y SOFR, 5Y +75a
- 11/20 $Benchmark AppLovin 5Y +85, 7Y +105, 10Y +112.5, 30Y +137.5
EU: Politico-EP Committees To Approve New COM, Setting Stage For 1 Dec Start
Politico reports that the European Parliament is set to approve the seven pending Commissioners-designate that will allow the new European Commission to take office on 1 December according to four EP and political officials. Bitter disagreements between the two largest political groups in the parliament - the centre-right European People's Party (EPP) and the centre-left Socialists and Democrats (S&D) - held up approval of the six nominated Executive Vice Presidents (Kaja Kallas, Raffaele Fitto, Roxana Mînzatu, Stéphane Séjourné, Teresa Ribera and Henna Virkkunen) and Hungary's Olivér Várhelyi.
- The S&D had objected to Raffaele Fito, hailing from Italian PM Giorgia Meloni's right-wing European Conservatives and Reformists (ECR) bloc, holding such a senior position (Cohesion and Reforms). In turn, the EPP objected to Spain's Teresa Ribera receiving the 'Clean, Just and Competitive Transition' in the wake of the devastating floods that hit Valencia as well as pushback from parties of the Spanish right.
- Should all candidates make it out of committee, then a vote among all MEPs on the entire new Commission will likely take place during next week's plenary session allowing the Commissioners-designate to take office on 1 December.
- While getting the new Commission into office will be seen as a positive sign for the functioning of the Union, the major divisions the hearings process has exposed between the political groups in the EP risks further disagreement hitting policy-making in the weeks and months to come.
