EU CONSUMER CYCLICALS: Bunzl: £-6/11y secondary
Mar-12 16:31
(BNZLLN; NR/BBB+ Stable)
20bp NIC would be traded away rapidly in euros but no such luck in technical heavy sterling markets where the lines are actually unch to wider. As we cautioned may be the case based on books yesterday, no support coming through today. There may be negative overhang in this tariff environment (despite co playing down exposure to circa 10%). We do see the €32s as interesting on levels but will wait for a positive catalyst that may help push it in.
£250m 6Y Priced at Z+122/5.21% vs. FV Z+102/5.01%, now Z+123/5.23%
- books>£720m/2.9x, 20bp NIC
£250m 11y Priced at Z+161/5.75% vs. FV Z+147/5.61%, now Z+165/5.80% - books>£815m/3.3x, 14bp NIC
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FED: US TSY 13W AUCTION: NON-COMP BIDS $2.291 BLN FROM $84.000 BLN TOTAL
Feb-10 16:15
- US TSY 13W AUCTION: NON-COMP BIDS $2.291 BLN FROM $84.000 BLN TOTAL
FED: US TSY 26W AUCTION: NON-COMP BIDS $1.838 BLN FROM $72.000 BLN TOTAL
Feb-10 16:15
- US TSY 26W AUCTION: NON-COMP BIDS $1.838 BLN FROM $72.000 BLN TOTAL
US DATA: NY Fed Near-Term Inflation Expectations Bely U.Mich Jump
Feb-10 16:13
- The NY Fed consumer survey saw 1Y and 3Y inflation expectations unchanged in January at 3.0% although the 5Y bounced three tenths after a two tenth decline to 3.0% for its highest since May.
- 1Y inflation expectations have been particularly steady in recent months, averaging 3.0% since June in a 2.9-3.0% range.
- That’s in contrast to the U.Mich equivalent which has ramped up to 4.3% as of last week’s preliminary February release after 3.3% in July, but does have a pronounced issue with partisanship. It was 2.8% prior to Trump’s inauguration and 2.7% prior to the November presidential election.
- That said, the NY Fed’s 5Y metric is likely to be watched from here, with the 3.0% at joint highs for the limited history back to Jun 2022.
