US DATA: Core CPI Q4 Downward Revisions Only Partly Offset Booming January
Feb-12 13:53
* Core CPI was clearly far stronger than expected in Jan at 0.446% M/M sa (MNI unrounded median 0....
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OAT: Block trade
Jan-13 13:53
OAT Block trade, suggest seller:
- OATH5 ~1.1k at 120.90.
PIPELINE: Corporate Bond Issuance Roundup: Get While Getting is Good
Jan-13 13:28
US$ corporate and supra-sovereign debt issuance resumes after last week's record $135.55B priced. Rush to secure cash ahead of the next earning's cycle that starts in earnest this week: Blackrock, Bank of NY Melon, Wells Fargo, JP Morgan, Goldman Sachs, Citigroup, US Bancorp, M&T Bank and PNC all reporting between January 15-16.
- Date $MM Issuer (Priced *, Launch #)
- 01/13 $3B KFW +5Y +43a
- 01/13 $2B CADES 5Y SOFR+70a
- 01/13 $Benchmark IFC 3Y SOFR+33a
- 01/13 $Benchmark CAF 5Y SOFR+90a
- 01/13 $Benchmark CBA 5Y SOFR+72a
- 01/13 $Benchmark EBRD 5.5Y SOFR+42
- 01/13 $Benchmark Ares Strategic 7Y +200a
- 01/13 $Benchmark BNG Bank 5Y SOFR+50a
- 01/13 $Benchmark KHFC 5Y +95a, 5Y SOFR
- 01/13 $Benchmark British Colombia 3Y SOFR+46a
- 01/13 $Benchmark Eastern Energy Gas 10Y +130a, 30Y +150a
- 01/13 $Benchmark Standard Chartered 4NC3, 4NC3 SOFR, 11NC10
- $5B Priced Friday for record high of $135.55B total on week
CANADA: GS See USD/CAD At 1.46 Over 12 Months
Jan-13 13:27
- Goldman Sachs: "We have shifted our forecasts to 1.46, 1.46, 1.46 (from flat at 1.39) in 3, 6, and 12 months" given more focused rhetoric on Canada tariffs from the new Trump administration.
- USD/CAD moving lower on last week's resignation news was "sensible , as it extinguished some near-term election risk and may have very marginally raised the probability that the current government lasts through the budget."
- However, "with Parliament prorogued and Trudeau in a caretaker role until a new party leader is selected, this could limit the ability of policymakers to challenge tariff rhetoric from the Trump administration."
- They don't see Trudeau's resignation altering the medium outlook for USD/CAD though.
