EM LATAM CREDIT: Peru Copper Production Falls Slightly in 2024
Feb-14 16:58
"Peru Copper Production Falls Slightly in 2024 on Lower Grades" - BBG...
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PIPELINE: Corporate Bond Issuance Update: Kommuninvest, CABEI, CDP Rolled to Thu
Jan-15 16:49
- Date $MM Issuer (Priced *, Launch #)
- 01/15 $Benchmark NY Life 10Y +90a
- 01/15 $Benchmark Dexia 5Y SOFR+73a
- 01/15 $Benchmark NLG Global Funding 5Y +115a
- 01/16 $Benchmark Citadel LP 5Y +200a, 7Y +225a
- Expected to issue Thursday:
- 01/16 $Benchmark CABEI 3Y +75a
- 01/16 $1B Kommuninvest WNG 3Y SOFR+37a
- 01/16 $Benchmark CDP Financial 5Y SOFR+63a
BOE: Taylor explicitly sets out his views on rates and where he stands on cases
Jan-15 16:48
Lots to digest in Taylor's inaugural speech (the market reaction is likely subdued somewhat in rates markets given that he already dovishly dissented in December).
- He sees the risks of case 1/2/3 as 40/40/20.
- Under case 1 he sees 125-150bp of cuts needed in 2025 and under case 2 100bp.
- He also describes the probability of case 1 rising in multiple parts of the speech.
- In terms of neutral rates under case 1/2 he expects that this is somewhere in the 2-3% range. We are still at 4.75% after 2x25bp cuts - so even 150bp of cuts in 2025 would still see Bank Rate a bit above Taylor's estimate of where neutral would be.
- Very detailed speech, very explicit in his views. Q&A coming up later could be equally interesting.
CROSS ASSET: Diverging FX and Rates Reaction To Taylor Speech
Jan-15 16:46
Somewhat curious market reaction to Boe Deputy Governor Taylor's speech, covered in more detail above. Cable has fallen almost 50 pips back to 1.22, though Gilt futures are 20 ticks below pre-speech levels. Gilts nonetheless remain 160 ticks higher on the day at 90.85, following the softer-than-expected the UK and US CPI data earlier.
