FOREX: Greenback Shoots Higher as Tariff Headlines Spur Volatility

• Date $MM Issuer (Priced *, Launch #)
• 01/28 $3B #American Express $1.45B 6NC5 +75, $300M 6NC5 SOFR+102, $$1.25B 11NC10 +90
• 01/28 $2B Carnival Corp 8NC3
• 01/28 $2B #Arab Republic of Egypt $1.25B 5Y 8.625%a, $750M 8Y 9.45%
• 01/28 $1.75B #Capital One 11NC10 +162
• 01/28 $750M *Ziraat Bank 5Y 7.375%
• 01/28 $500M #Aircastle 5Y +108
• 01/28 $Benchmark Toronto-Dominion Bank 3Y +62, 3Y SOFR+82, 7Y +87
• 01/28 $Benchmark JPMorgan PerpNC5 6.5%
• 01/28 $Benchmark ForteBank 5Y 8%a

From our Europe Pi Positioning Analysis (PDF Here)

• German contracts are in flat/short structural positioning.
• Bobl remains in short territory (though previously was "very short"), joining Buxl with the "short" designation.
• Bund has bucked the wider trend, moving to flat from short, while Schatz remains flat.  The most recent week saw shorts set and longs reduced.

• Tsys futures paring losses (TYH5 currently 108-30.5 last, -6.5) after the $44B 7Y note auction (91282CMC2) stops 0.8bp through with 4.457% high yield vs. WI of 4.465%; bid-to-cover 2.64x vs. 2.76x prior.
• Peripheral stats: Indirect take-up falls back to 67.08% vs. 87.88% in December; Direct take-up rebounds off lat month's record low of 2.84% to 23.06%; Dealers take 9.86% vs. 9.27% prior.
• The next 7Y Treasury auction is tentatively scheduled for February 26