PIPELINE: Corporate Bond Issuance Roundup, HSBC 5Pt onTap
Feb-26 13:49
- Date $MM Issuer (Priced *, Launch #)
- 02/26 $Benchmark HSBC 4NC3 +110a, 4NC3 SOFR, 6NC5 +130a, 6NC5 SOFR, 11NC10 +145a
- 02/26 $Benchmark Reinsurance Group 30NC10 7.125%a
- 02/26 $Benchmark Kenya 11Y 10.5%a
- $14.7B Priced Tuesday, $34.4B/wk
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SECURITY: Netanyahu Invited For White House Meeting w/Trump Next Week, Axios
Jan-27 13:44
Barack Ravid at Axios reports on X that, according to US and Israeli sources Israeli PM Benjamin Netanyahu is "planning to meet" US President Donald Trump next week at the White House. If the meeting goes ahead, Netanyahu will be the first foreign leader to meet Trump at the White House.
- Comes after Trump disrupted diplomacy in the Middle East by suggesting that Jordan and Egypt should accept over a million refugees from Gaza. The issue is a red line for many Arab countries, which could have potentially harmful consequences for fragile ceasefire agreements in Lebanon and Gaza. Both ceasefires are currently holding, despite accusations of violations from all parties.
- Trump said, referring to Gaza: “We just clean out that whole thing. I don’t know, something has to happen, but it’s literally a demolition site right now... so I’d rather get involved with some of the Arab nations and build housing in a different location where I think they could maybe live in peace for a change.”
- CNN notes: “It wasn’t clear yet whether this represented a massive U.S. policy shift or if Trump was just shooting from the hip, but one Israeli analyst indicated that it might be the former, in coordination with Israel.”
- The Wall Street Journal: “[Trump’s] statement could mark a dramatic shift in U.S. policy toward Palestinians under presidents of both parties. No recent White House has suggested the “long-term” departure of Palestinians from Gaza...”
CROSS ASSET: Equities and Bonds unwind some of the price action
Jan-27 13:43
- Futures are seeing continued unwind in big Volumes, Equities are recovering somewhat after plummeting overnight and into the session, Bonds are seeing decent selling interest.
- Volumes really standout when you consider that this is a session with no Tier 1 Data, and Tnotes (TYH5) has already traded over 1.2mln lots.
- The Tech sector is still in deep red territory, but the NQH5 saw its best Volume when it bounced just short of the January low earlier.
- At current levels, the NDX will be set to drop over 700p points on the Cash open in under an hour.
- NVIDIA is still down 11.6% pre Market.
STIR: BLOCK: Sep'25 SOFR Call Spread
Jan-27 13:30
- 10,000 SFRU5 96.37/96.62 call spds 4.5 ref 96.06 at 0824:57ET
