AMERICAS OIL: Keystone Repair Work Delayed to Assess Damage
Apr-11 17:37
Excavation work at a Keystone pipeline oil spill has been delayed because crews must clean up sludge around the sites, according to Bloomberg citing the North Dakota Department of Environmental Quality.
- The excavation, which had been expected to start April 10, is the first step in repairing the pipe system that hauls Canadian oil to US markets
- South Bow has committed to not restart the pipeline without prior US government approval Bloomberg said.
- Keystone transports around 620k b/d of Canadian crude to the US Midwest and USGC.
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PIPELINE: Corporate Bond Roundup: $2.25B Stellantis, $2.2B Amcor Launched
Mar-12 17:34
- Date $MM Issuer (Priced *, Launch #)
- 03/12 $2.25B #Stellantis $500M 3Y +140, $750M 5Y +170, $1B 10Y +215
- 03/12 $2.2B #Amcor Flexibles NA $725M 3Y +83, $725M 5Y +103, $750M 10Y +125
- 03/12 $1.5B #SoCal Edison $850M 5Y +118, $650M 30Y +160
- 03/12 $Benchmark Canadian Pacific Railway 5Y +75, 10Y +95
- 03/12 $500M #Equitable Holdings WNG 30NC10 6.7%
- 03/12 $Benchmark NetApp Inc 7Y +130, 10Y +140
- 03/12 $1B OMERS Finance 5Y SOFR+69a
- 03/12 $750M PBF Holding 5NC2
- 03/12 $Benchmark AES 7Y +175a
- 03/12 $Benchmark CGI Inc 5Y +100
- Expected Thursday:
- 03/13 $Benchmark World Bank 5Y SOFR+44a
US INFLATION: Core PCE Consensus Upped After CPI To 11-Month High 0.31%
Mar-12 17:27
As anticipated after the CPI release, analysts have upped their expectations for February's core PCE reading to a median consensus of 0.31% M/M per the notes we've seen (vs 0.24% prior to today, and an acceleration from 0.29% prior) for what would be an 11-month high.
- Various factors are likely to bring core PCE in above its CPI equivalent (0.23%), with the downside surprise in core CPI largely due to softer-than-expected airfares and auto insurance - categories that don't feed from CPI into PCE.
- Instead those categories will come from Thursday's PPI report, along with other categories such as portfolio management.
Post-CPI estimates for February core PCE % M/M:
- Goldman: 0.29% (was 0.25% pre-CPI)
- BofA: 0.30-0.32% (was 0.23% pre-CPI)
- JPMorgan: 0.31%
- TD Securities: 0.31%
- Morgan Stanley: 0.32% (was 0.28% pre-CPI)
- Nomura: 0.32% (was 0.28% pre-CPI)
- Wells Fargo: 0.35%
US: FED Reverse Repo Operation
Mar-12 17:26
RRP usage recedes to $131.055B this afternoon from $137.310B Tuesday. Compares to $58.770B (lowest level since mid-April 2021) on February 14. The number of counterparties at 35.
