US NATGAS: Henry Hub Mid-day Update
* NYMEX prompt April currently pricing at $4.24 at the time of this writing. This is down from thi...
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US: FED Reverse Repo Operation: Second Consecutive New Low
RRP usage extends to new low of $78.788B this afternoon from $85.654B Tuesday. Today's usage compares to previous low of $92.863B on Monday, January 27 - the lowest level since mid-April 2021. The number of counterparties falls to 28 from 34 prior.
PIPELINE: Corporate Bond Issuance Update: $3.5B PepsiCo Launch, Waiting for IBM
Total $3.5B PepsiCo 4pt debt launched recently. Still waiting on IBM 5pt to launch. For comparison, IBM had issued $5.5B back in January 2024 covering 7 tranches: $600M 2Y +45, $500M 3Y +55, $500M 5Y +65, $500M 7Y +75, $1B 10Y +85, $1B 20Y +85, $1.4B 30Y +100
- Date $MM Issuer (Priced *, Launch #)
- 02/05 $5.5B #Republic of Poland $2.75B 5Y +75, $2.75B 10Y +105
- 02/05 $3.5B #PepsiCo $500M 2Y +22, $750M 3Y +27, $1B 5Y +40, $1.25B 10Y +60
- 02/05 $3B #UBS $1.5B PerpNC5.5 7%, $1.5B PerpNC10 7.125%
- 02/05 $2.5B #US Bancorp $1.3B 6NC5 +80, $1.2B 11NC10 +100
- 02/05 $2.5B #IDA 10Y SOFR+61
- 02/05 $2B #Citigroup PerpNC5 6.95%
- 02/05 $1B #Minera Mexico 7Y +140
- 02/05 $1B #Citadel Finance 5Y +170
- 02/05 $1B *KFW 4% 2026 TAP SOFR+20
- 02/05 $1B #BBVA Mexico 10NC5 7.625%
- 02/05 $500M #Healthpeak LLC 10Y +102
- 02/05 $Benchmark IBM 3Y +45, 5Y +60, 7Y +70, 10Y +80, 30Y +105
- 02/05 $Benchmark Pacific Life 5Y +80a
- 02/05 $2.5B Republic of Turkiye 7Y 7.2%
- Expected Thursday:
- 02/06 $Benchmark IFC 4.5Y SOFR+36a
GBPUSD TECHS: Clears Resistance
- RES 4: 1.2667 High Dec 19
- RES 3: 1.2610 38.2% retracement of the Sep 26 ‘24 - Jan 13 swing
- RES 2: 1.2576 High Jan 7
- RES 1: 1.2550 High Feb 5
- PRICE: 1.2517 @ 16:00 GMT Feb 5
- SUP 1: 1.2411/2249 20-day EMA / Low Jan 3
- SUP 2: 1.2161 Low Jan 17 / 20
- SUP 3: 1.2100 Low Jan 10 and the bear trigger
- SUP 4: 1.2087 0.764 proj of the Sep 26 - Nov 22 - Dec 6 price swing
Resistance levels in GBPUSD at 1.2503, the 50-day EMA, and 1.2523, the Jan 27 high, have been cleared. This cancels a recent bearish threat and instead reinstates the bull cycle that started Jan 13. The break higher paves the way for a climb towards 1.2610, a Fibonacci retracement. Key short-term support has been defined at 1.2249, the Jan 3 low. A break of this level would highlight a reversal.
