BONDS: EGBs-GILTS CASH CLOSE: Bull Flattening On US PPI And Tariff Rhetoric
Feb-13 18:06
European curves bull flattened Thursday as US inflation data and tariff threats continued to set the...
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US: Americans Give Biden Negative Assessment On Economy And Foreign Policy
Jan-14 18:03
A new survey from Gallup found that Americans “offer a largely negative assessment” of the progress made during the administration of President Joe Biden on 18 economic, national and international issues.
- Semafor notes on the survey: “Majorities said they believe the US lost ground over the past four years in addressing the federal debt, immigration, the wealth gap, the economy, the US’ place in the world, and crime... Meanwhile, pluralities said they think the US has fallen behind in other areas like infrastructure, despite Biden presiding over the passage and implementation of a sweeping bipartisan infrastructure law.”
- Yesterday, Biden defended his legacy in his final foreign policy speech, arguing he oversaw the rehabilitation of US multilateralism and enacted policies that will bolster the US’ global standing in the future.
- Biden: “...thanks to our administration, the United States is winning the worldwide competition. Compared to four years ago, America is stronger, our alliances are stronger, our adversaries and competitors are weaker.”
- On China, Biden said: “Today, I can report to the American people we’re in a better strategic position for long-term competition with China than we were when I took office… According to the latest predictions, on China’s current course they will never surpass us.”
Figure 1: Progress Report in 18 Areas During President Biden’s Four Years In Office
Source: Gallup
PIPELINE: Corporate Issuance Update: $3.5B British Colombia 3Y SOFR Priced
Jan-14 17:58
- Date $MM Issuer (Priced *, Launch #)
- 01/14 $3.5B *British Colombia 3Y SOFR+45
- 01/14 $3B *KFW +5Y +40
- 01/14 $2.5B #BNG Bank 5Y SOFR+47
- 01/14 $2.5B *CADES 5Y SOFR+68, upsized from $2B
- 01/14 $2B *CAF 5Y SOFR+82
- 01/14 $2B *IFC 3Y SOFR+29
- 01/14 $500M #Hyundai 3Y +80
- 01/14 $Benchmark Blackstone Private Cr Fund 7Y +190a
- 01/14 $Benchmark Adobe 3Y +30, 5Y +40, 10Y +55
- 01/14 $Benchmark BFCM 5Y +95, 5Y SOFR+123
- 01/14 $Benchmark LifePoint Health 7NC3
OPTIONS: Large Sonia Call Spread Buying Tuesday
Jan-14 17:52
Tuesday's Europe rates/bond options flow included:
- RXG5 125.5p, bought for 1 in 2.2k
- RXH5 135/136cs bought for 4.5 in 7.5k
- ERM5 97.625/97.75/97.875c fly vs 97.4375/97.3125ps, bought the fly for 0.25 and half in 9k.
- SFIM5 95.75/96.00cs, bought for 6.75 in 24k.
- SFIM5 95.70/96.00cs, bought for 8.75 and 9 in 20.5k
- SFIZ5 96.35/97.00cs x3 vs 95.60p x1, bought the cs for -2 in 10k total.
- SFIZ5 95.90/96.05 call spread, bought for 6 in 15k
- 0NM5 96.00/96.20/96.30/96.40c condor, bought for 4.25 in 10k.
