EM LATAM CREDIT: New Issue Update: Embraer (EMBRBZ; Baa3/BBB-/BBB-)

Reminder, much of Thursday's data has been moved to Wednesday (Wholesale Sales, Weekly Jobless Claims) as well as the 30Y Bond auction re-open to avoid conflicts with Thursday's Federal Holiday/day of Mourning for former President Carter. The CME Group FI trade closes at 1315ET Thursday. Thursday still includes Challenger Job cuts at 0730ET, Tsy 4- & 8W bill auctions at 1130ET, and several scheduled Fed speakers through the day.

• US Data/Speaker Calendar (prior, estimate)
• 8-Jan 0700 MBA Mortgage Applications
• 8-Jan 0815 ADP Employment Change (146k, 140k)
• 8-Jan 0830 Fed Gov Waller eco-outlook (text, Q&A)
• 8-Jan 0830 Initial Jobless Claims (211k, 215k)
• 8-Jan 0830 Continuing Claims (1.844M, 1.862M)
• 8-Jan 1000 Wholesale Trade Sales MoM (-0.1%, 0.2%)
• 8-Jan 1000 Wholesale Inventories MoM (-0.2%, -0.2%)
• 8-Jan 1130 US Tsy $64B 17W bill auction
• 8-Jan 1300 US Tsy $22B 30Y re-open (912810UE6)
• 8-Jan 1400 Dec FOMC Meeting Minutes 
• 8-Jan 1500 Consumer Credit ($19.239B, $10.500B)

US President-elect Donald Trump, speaking to the press for the first time since Congress certified his election win yesterday, has announced that Emirati firm DAMAC Properties will invest "at least USD$20 billion dollars over a very short period of time" to build "massive" new data centres in the Southwest and Sun Belt of the United States. 

• Trump, speaking alongside DAMAC founder Hussain Sajwani, noted a campaign trail pledge to "move quickly through the environmental process" anyone who invests over USD$1 billion in the US.  
• Trump also pledged to reverse a measure announced by President Biden this week that would indefinitely ban new offshore oil and gas production in large swathes of US coastal waters: "I will reverse it immediately, it will be done immediately and we will drill baby drill... and the energy costs are going to come way down."
• It is unclear if Trump has the authority to reverse the ban, Axios noted on the measure: "The steps rely on a provision from a 72-year-old law and affect wildlife-rich areas in the northern Bering Sea; the eastern Pacific Ocean off the West Coast; the eastern Gulf of Mexico; and areas up and down the East Coast... Unlike executive orders that Trump could overturn with the stroke of a pen, Biden's actions rely on an open-ended provision in the 1953 Outer Continental Shelf Lands Act."

MEF has announced it will be looking to sell E8.0bln of the new 12-month Jan 14, 2026 BOT at its auction this Friday, Jan 10.