EM LATAM CREDIT: Nemak (TNEMAK; Ba2/BB+neg/BBB-neg): US Tariff Impact
Apr-04 15:48
"Tariffs Push Nissan to Halt US Orders for SUVs Built in Mexico" - BBG Neutral for spreads * Nissa...
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US TSY OPTIONS: Corporate Bond Update: Republic of Armenia 10Y Launched
Mar-05 15:48
- Date $MM Issuer (Priced *, Launch #)
- 03/05 $Benchmark Mars 2Y +75a, 3Y +85a, 5Y +100a, 7Y +110a, 10Y +120a, 20Y +135a, 30Y +145a, 40Y +155a
- 03/05 $1.5B Axon 5NC2, 8NC3
- 03/05 $1B *KommuneKredit WNG 5Y SOFR+44
- 03/05 $750M #Republic of Armenia 10Y 7.1%
- 03/05 $500M Acadia Health 8NC3
- 03/05 $500M Forestar Group 8NC3
EURIBOR: Net Long Setting Dominated On Tuesday
Mar-05 15:43
OI data suggests net long setting dominated in Euribor futures on Tuesday, with some pockets of net short cover also seen across the strip.
- The largest net OI swing was seen in the M5 contract, where ~37k of indicative net longs were added.
- Notable options flow in M5 yesterday included:
- ERM5 98.12/98.25cs, bought for half in 6k.
- ERM5 98.125/98.3125cs, bought for 1 in 29k.
| 04/03/2025 | 03/03/2025 | Daily OI Change | Daily OI Change In Packs | ||
| ERH5 | 539,589 | 537,809 | +1,780 | Whites | +35,800 |
| ERM5 | 810,021 | 773,004 | +37,017 | Reds | +1,561 |
| ERU5 | 574,236 | 578,312 | -4,076 | Greens | +6,054 |
| ERZ5 | 606,392 | 605,313 | +1,079 | Blues | +1,372 |
| ERH6 | 434,644 | 430,992 | +3,652 | ||
| ERM6 | 339,883 | 335,585 | +4,298 | ||
| ERU6 | 258,203 | 267,402 | -9,199 | ||
| ERZ6 | 345,641 | 342,831 | +2,810 | ||
| ERH7 | 178,807 | 179,200 | -393 | ||
| ERM7 | 145,074 | 146,915 | -1,841 | ||
| ERU7 | 121,997 | 119,235 | +2,762 | ||
| ERZ7 | 129,178 | 123,652 | +5,526 | ||
| ERH8 | 63,149 | 58,970 | +4,179 | ||
| ERM8 | 46,783 | 46,142 | +641 | ||
| ERU8 | 32,985 | 35,713 | -2,728 | ||
| ERZ8 | 45,640 | 46,360 | -720 |
SWEDEN: Feb CPIF Preview: SEK Most Sensitive To Weaker-than-Expected Reading
Mar-05 15:35
Swedish February flash inflation is due at 0700GMT/0800CET tomorrow. As always, there are no details provided in the flash release, so the market reaction will hinge solely on the headline CPIF and CPIF ex-energy readings. Given the extent of the Swedish krona’s rally since the start of February, the risks to markets are likely skewed towards a weaker-than-expected print.
- NOKSEK notably breached multi-year support at 0.9500 on Monday, with bearish momentum reasserting itself this morning. Key support is the November 2020 low at 0.9274, while rallies short of the 20-day EMA at 0.9585 will be considered corrective. Meanwhile, USDSEK is down almost 5% this week, with solid support seen around 10.1500 and 10.0399 (Sep 27 low).
- There are mechanical upside risks to the Riksbank’s 2.4% Y/Y projection for February CPIF ex-energy, after the January inflation report was much stronger than expected. Analysts currently expect CPIF ex-energy inflation steady at 2.7% Y/Y.
- The January beat was due to a positive basket effect and solid underlying price pressures. The basket effect will be positive throughout the year, while analysts also do not expect a meaningful reversal of the underlying January drivers. Taken alongside strong PPI and survey-based expected price metrics in the last month, scope for a move back towards 2% in the near future appears limited.
- The Riksbank are widely expected to keep rates on hold on March 20, but the February inflation report will feed into expectations for the March MPR rate path.
- Headline CPIF is expected to increase 0.5pp to 2.7% Y/Y on the back of higher electricity prices (partially due to a base effect).
- See the image below for a selection of analyst comments:
