STIR: Effective Fed Funds Rate
Mar-15 13:30
New York Fed EFFR for prior session (rate, chg from prev day):
* Daily Effective Fed Funds Rate: 5.33%, no change, volume: $95B
* Daily Overnight Bank Funding Rate: 5.32%, no change, volume: $260B
Fed Funds volumes lift $6bn from $89bn, still rangebound.
Source: New York Fed
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PIPELINE: Bristol-Meyers Squibb 9-Tranche Guidance Update
Feb-14 13:26
Size of BMY's multi-tranche issuance rumored to be in vicinity of $13B. Last year, the global pharmaceutical issued $4.5B over 4 tranches, and $6B over same the year prior.
- Date $MM Issuer (Priced *, Launch #
- 2/14 $Benchmark Bristol-Meyers Squibb 2Y +75a, 2Y SOFR, 3Y +85a, 5Y +100a, 7Y +115a, 10Y +125a, 20Y +135a, 30Y +145a, 40Y +160a
- 2/14 $Benchmark BNP Paribas PerpNC7.5 8.625%a
USD: USDNOK tests the intraday low
Feb-14 13:23
- NOK is still the best performer against the Dollar in G10, up just short of 1% (up 0.88%).
- Oil is mostly underpinned, but has seen a two way price action for WTI, the broader small USD unwind mostly helping as oppose to Oil.
- Support in USDNOK is seen towards pre US CPI level at ~10.4871.
US: MNI POLITICAL RISK - Democrats Step Up Pressure On Johnson
Feb-14 13:16
- President Biden delivered ad hoc remarks at the White House yesterday urging House Speaker Mike Johnson (R-LA) to bring the Senate-passed USD$95 billion foreign aid supplemental to the floor “immediately.”
- Democrats yesterday won a special election to fill the vacant New York House seat of expelled former Republican Rep George Santos. The win further shrinks the GOP’s razor thin majority in the lower chamber and may provide a general election blueprint for Democrats in suburban districts.
- President Biden took another swipe at his presumptive 2024 opponent, Donald Trump yesterday, describing Trump's remarks on NATO as "dumb," "shameful," "dangerous," and, "un-American."
- The House voted yesterday to impeach Homeland Security Secretary Alejandro Mayorkas on two counts relating to his handling of border policy. The Democrat-controlled Senate is excepted to swiftly acquit Mayorkas in a trial after the Presidents Day recess.
- The Biden administration has issued a statement “strongly opposing” legislation that would allow the Federal Energy Regulatory Commission exclusive jurisdiction to approve LNG exports, effectively nullifying a measure from the Department of Energy to pause LNG export approvals.
- Poll of the Day: Immigration is the primary reason voters disapprove of President Biden.
Full article: US Daily Brief
