STIR: Next Fed Cut Seen In Sept With CPI and Powell Response Eyed
Feb-12 11:26
* Fed Funds implied rates hold yesterday's push higher (seen prior to Powell's Senate appearance w...
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LOOK AHEAD: Monday Data Calendar: NY Fed Inflation, Budget Balance, Tsy Bills
Jan-13 11:23
- US Data/Speaker Calendar (prior, estimate)
- 13-Jan 1100 NY Fed 1-Yr Inflation Expectations (2.97%, --)
- 13-Jan 1130 $84B 13W & $72B 26W Bill auctions
- 13-Jan 1400 Federal Budget Balance (-$366.8B, -$73.8B)
EU-BOND SYNDICATION: New 3-year / 3.375% Oct-54 tap: Mandate
Jan-13 11:06
"The EU has mandated Barclays, BNP Paribas, J.P. Morgan, LBBW and NatWest Markets as Joint Lead Managers for its upcoming EUR Fixed Rate RegS Bearer dual tranche transaction comprising a new long 3-year benchmark line due 4th July 2028 and an increase of EU 3.375% benchmark due 5th October 2054 (EU000A3K4EY2). No further group. The transaction will be launched tomorrow, subject to market conditions. "
MNI comments
- The new 3-year maturing 4 July 2028 was one of the three issues highlighted as likely to launch in H1. We pencil in a tranche size of E5-7bln (we have not seen an EU-bond tranche larger than that since March 2022 - but there is a possibility we go a bit higher with the large H1 EU funding plan).
- The 3.375% Oct-54 tap we pencil in between E4-6bln (possibly partly depending upon the size of the new 3-year).
- We look for a combined E9-13bln total transaction size.
US: SOFR FIX - 13/01/25
Jan-13 11:05
SOFR - Bloomberg.
- 1mth 4.30624 0.0037
- 3mth 4.30198 0.01497
- 6mth 4.27941 0.03483
- 12mth 4.24478 0.06645
