EM CEEMEA CREDIT: KENINT: IMF Meeting
Feb-05 13:56
Kenya (KENINT:Caa1pos/ B-/B-)
• Reuters reporting that Kenya has started talks with IMF to secure new financing when the current arrangement expires in April.
• Reuters also reporting that Kenya has an option of a $1.5bn 8.25% facility available from UAE but are considering other sources including a Eurobond.
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EGB OPTIONS: Bobl call spread
Jan-06 13:54
OEH5 118/119cs 1x2, bought for 8 in 1.5k.
CANADA: CIBC See Small Window For CAD Steepeners vs US Flatteners
Jan-06 13:52
- CIBC write on the “meaningful” repricing in the Canadian front-end over the holiday season, with terminal rate expectations declining nearly 30bps to just below 2.75%, the mid-point of the Bank’s estimated neutral rate range.
- “But even with front-end levels now looking more consistent with our own expectation for the Bank, the distribution getting to that end-point looks unrealistic. For example, markets expect the Bank to reach this policy level by the middle of 2026, with no attendant curvature to speak of”
- When BoC terminal is priced in either 1y1y or 2y1y vs FOMC terminal pricing in 3y1y, they see two implications: “CAD steepeners versus U.S. flatteners have a small ‘window’ for success, and that window is now – our favourite expression of this dynamic is the 5s10s box.”
- “Once we get deeper into Q1 and through the inauguration, we see more risk that Fed pricing is pulled forward. To eventually fade cross-market richness we like being short CAD 2s versus U.S. 5s, but will need to get past the January BoC meeting.”
PIPELINE: Corporate Debt Issuance Surge, Tempers Early Tsy Support
Jan-06 13:52
Surge in corporate issuance expected as dearth of December supply works through backlog.
- Date $MM Issuer (Priced *, Launch #)
- 01/06 $Benchmark Saudi Arabia 3Y +120a, 6Y +130a, 10Y +140a (Saudi Arabia last issued $5B sukuk on May 28: $1.25B 3Y +60, $1.5B 6Y +75, $2.25B 10Y +85)
- 01/06 $Benchmark Societe Generale 4.25NC3.25 +150a, 4.25NC3.25 SOFR, 8.25NC7.25 +190a
- 01/06 $Benchmark National Australia Bank (NAB) 5Y +75a, 5Y SOFR, 11NC10 +150a
- 01/06 $Benchmark Toyota Motor Cr 2Y +55a, 2Y SOFR, 5Y +80a, 10Y +100a
- 01/06 $Benchmark CRH SMW Finance 5Y +100a, 10Y +115a, 30Y +135a
- 01/06 $Benchmark Hyundai Cap Am 3Y +100a, 3Y SOFR, 5Y +120a
- 01/06 $Benchmark CIBC 3NC2 +85a, 3NC2 SOFR, 6NC5 +110a
- 01/06 $Benchmark Broadcom +3Y +75a, +5Y +85a, +7Y +95a
- 01/06 $Benchmark John Deere Capital 2Y +45a, 3Y +55a
- 01/06 $Benchmark Williams Cos 10Y +125a, 30Y +145a
- 01/06 $Benchmark India Export-Import Bank 10Y +130a
- 01/06 $Benchmark MUFG 6NC5 +100a, 11NC10 +115
- 01/06 $Benchmark Sixth Street Lending 5Y +210a
- 01/06 $Benchmark Southern Cal Edison 10Y, 30Y
- 01/06 $Benchmark Corebridge 3Y +80a, 3Y SOFR
- 01/06 $Benchmark BNP Paribas 8NC7 +155a
- 01/06 $Benchmark Lincoln Financial 5Y +115a
- 01/06 $Benchmark Caterpillar 3pt, dets TBA
- 01/06 $Benchmark UBS 3NC2 +85a
- 01/06 $500M DBJ WNG 10Y SOFR+78a
- 01/06 $Benchmark Kexim investor calls
- 01/06 $Benchmark World Bank 7Y +57a
- 01/06 $Benchmark United Mexican States filed prospectus to issue notes due 2030, 2037 and 2055. Last issued $1.8B in August 2022: Mexico 2033 +235.
- Expected Tuesday:
- 01/07 $Benchmark EIB 5Y SOFR+45a
