MEXICO: Finance Minister Amador Confident Of Meeting 2025 Budget Metrics
Mar-12 18:40
- Amid the ongoing tariff threat, incoming Finance Minister Edgar Amador said that import substitution is a good opportunity for the country as he touted new import substitution polices to boost local supply chains. Speaking during his testimony before the lower house’s finance committee, Amador also noted that the economy is showing signs of slowing down due to the trade tensions with the US, but he remains confident that the government will meet its budget metrics for this year, as tax collection continues to perform well.
- Against the weak growth backdrop, TIIE-F swap rates have rallied today, with long-end yields down by 2-5bp, leaving yields down by around 40bp over the last month.
- Banxico is expected to deliver another 50bp cut later this month, according to the latest Citi survey, with the economy expected to grow by just 0.8% this year.
- As a reminder, Banxico Deputy Governor Omar Mejia and Finance Ministry Chief Economist Rodrigo Mariscal will speak in an event hosted by Banorte from 1900GMT/1500ET in Mexico City.
- Meanwhile, Mexican peso continues to trade in a resilient manner, with USDMXN is edging closer to an important support point at 20.1343, the Jan 24 low.
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PIPELINE: Corporate Bond Update: $2B Union Pacific Launched, Eli Lilly Guidance
Feb-10 18:38
- Date $MM Issuer (Priced *, Launch #)
- 02/10 $Benchmark Eli Lilly 3Y +27, 5Y +42, 7Y +50, 10Y +60, 30Y +80, 40Y +90
- 02/10 $2B #Union Pacific $1B 10Y +65, $1B 30Y +88
- 02/10 $500M #Textron 10Y +102
- Expected to launch Tuesday:
- 02/11 $700M Snap Inc 8NC3 7%a
US: Voters Says Trump Is Doing What He Promised On Campaign Trail
Feb-10 18:37
A new survey from CBS has found that most Americans describe Trump as "tough," "energetic," "focused" and "effective" — and believe he is “doing what he'd promised during his campaign…”
- CBS notes: “Many say he's doing more than they expected — and of those who say this, most like what they see. Very few think he's doing less."
- CBS adds: “His partisans and his voters, in particular, say he's got the right amount of focus on matters like ending diversity, equity and inclusion programs and deporting those who are in the country illegally. His deportation policy finds majority approval overall — just as most voters said they wanted during the campaign — and that extends to sending troops to the border, too."
- The report warns: “But one key issue looms: Most Americans say the administration isn't focused enough on lowering prices. Inflation was a key reason Mr. Trump won the election.”
Figure 1: “Describe Donald Trump as…?”
Source: CBS
US: FED Reverse Repo Operation
Feb-10 18:20
RRP usage inches up to $99.653B this afternoon from Friday's $95.248B - compares to last Wednesday's $78.788B -- lowest level since mid-April 2021. The number of counterparties rebounds to 41 from 33 prior.
