OIL: Oil End of Day Summary: Crude Extends Losses

$13.85B to price Monday, $3B KFW, $2B CADES and others rolled to Tuesday

• Date $MM Issuer (Priced *, Launch #)
  • 01/13 $2.5B #Standard Chartered $1B 4NC3 +105, $500M 4NC3 SOFR+124, $1B 11NC10 +143
  • 01/13 $2B #Deere $1.25B 10Y +68, $750M 30Y +75
  • 01/13 $1.75B #Rabobank $700M 3Y +40, $300M 3Y SOFR+60, $750M 8NC7 +100
  • 01/13 $1.5B #CBA 5Y SOFR+69
  • 01/13 $1.2B #Eastern Energy Gas $700M 10Y +105, $500M 30Y +125
  • 01/13 $1B #Micron 10Y +102
  • 01/13 $1B *EBRD 5.5Y SOFR+42
  • 01/13 $1B #Plains All American 10Y +120
  • 01/13 $650M Blue Owl Tech Fin 3Y +185
  • 01/13 $500M #Apollo Debt Solutions 7Y +185
  • 01/13 $750M #Ares Strategic 7Y +175
  • 01/13 $Benchmark KHFC 5Y +95a, 5Y SOFR
• May price Tuesday:
  • 01/13 $3B KFW +5Y +43a
  • 01/14 $2B CADES 5Y SOFR+70a
  • 01/13 $Benchmark British Colombia 3Y SOFR+46a
  • 01/14 $Benchmark BNG Bank 5Y SOFR+50a
  • 01/14 $Benchmark CAF 5Y SOFR+90a
  • 01/14 $Benchmark IFC 3Y SOFR+33a

US President Joe Biden is shortly due to deliver the final foreign policy address of his presidency. A livestream of the speech, taking place at the State Department, is available here.  

• The speech kicks off Biden's farewell week to US politics: On Tuesday, he’ll deliver White House remarks on conservation; on Wednesday he will deliver his final Oval Office address; on Thursday, he will attend a final event at the Department of Defence; and on Friday, he will address the US Council of Mayors.
• A senior administration official told reporters: “[Biden] will describe how we reclaimed America’s global leadership as a force of stability, put our adversaries in a position of weakness, effectively navigated turbulence around the world and made America stronger at every step… He will discuss how we have dealt with the challenges and threats America faces and ensured that America — not our adversaries — are in the driver’s seat, best positioned to shape our future, and how he will hand the next administration a stronger hand than he inherited.”
• Biden is unlikely to speak in detail on the withdrawal from Afghanistan or the situation in Gaza – two foreign policy issues that undermined his bid for a second presidential term.
• A second Biden administration official told reporters, on Biden’s Oval Office speech: “It’ll be … really very rooted in the moment we’re in and where we go from here. It’ll be his last big chance to communicate with the country.”

RRP usage inches up to $183.669B this afternoon from $178.800B on Friday. Compares to $98.356B on Friday, December 20 - the lowest level since mid-April 2021. The number of counterparties rises to 51 from 48.