EMISSIONS: BNEF Warns EU Clean Tech Fund Could Undermine Carbon Market

• Date $MM Issuer (Priced *, Launch #)
• 03/24 $1b MuniFin WNG 5Y SOFR+49a
• 03/24 $500M SMBC Aviation Cap 5Y +130a
• 03/24 $Benchmark Swiss Re 21NC20 +175a
• 03/24 $Benchmark KNOC 3Y +95a, 3Y SOFR, 5Y +100a
• 03/24 $Benchmark Korea National Oil 3Y +65a, 3Y SOFR+77a, 5Y +70a
• 03/24 $Benchmark Petronas +5Y, 10Y, 30Y investor calls
• 03/24 $Benchmark NDB 3Y investor calls
• 03/24 $Benchmark IBD 5Y investor calls
• Expected Tuesday:
• 03/25 $Benchmark JFM 5Y SOFR+68

• Treasuries have extended the gap lower seen at the open following the WSJ reporting over the weekend that the White House is narrowing its approach to tariffs set to take effect on April 2. It supposedly will likely omit a set of industry-specific tariffs while applying reciprocal levies on a targeted set of nations that account for the bulk of foreign trade with the U.S.
• Flash PMIs for March headline the US docket today, following mixed initial results for the Eurozone (mfg beat, services miss) and the UK (mfg miss, services beat). There is scope for heightened sensitivity here, with other notable US data more backloaded for the week (see the latest MNI US Macro Weekly for a review of latest macro developments plus what to watch this week).
• Cash yields are 3.5-4.5bp higher from Friday’s close, with 2s lagging increases.
• 10Y yields, an area of focus for the Trump administration wanting them lower, at 4.29% are up from a recent low of 4.17% from Thursday and have reversed most of the FOMC-induced decline vs 4.32% prior.  
• TYM5 has nudged to a session low of 110-26 (-09) with some limited fresh downward impetus as US desks filter in, but on modest cumulative volumes of 280k.
• Any further declines will be watched with support coming into view at 110-20+ (20-day EMA) after which lies 110-12+ (Mar 6/13 lows). The trend needle points north though, with resistance at 111-25 (Mar 11 high).
• Data: Chicago Fed national activity index Feb (0830ET), S&P Global US PMIs March flash (0945ET)
• Fedspeak: Bostic on BBG TV (1345ET), Barr on small business lending (1510ET) – see STIR bullet
• Bill issuance: US Tsy $76B 13W & $68B 26W Bill auctions

You are invited to listen to a Livestreamed MNI Connect Video Conference with BOE's Sarah Breeden.

Details below:

• TOPIC OF DISCUSSION: UK Economic and Financial Stability Prospects
• DATE: Thursday, 10 Apr 2025
• TIME: 14:00 - 15:30 BST
• This event will be run as a Zoom Webinar and is a public, on-the-record event.

To register please go to: MNI Webcast Registration