EM CEEMEA CREDIT: SOAF: follow on pol risk headlines
Apr-02 14:01
Rep of South Africa (SOAF; Ba2/BB-pos/BB-)
From our EM Macro Team:
Per News24, BOSA leader Mmusi Maimane says they'll support the framework so that they can amend the Budget. BOSA were one of the smaller parties the ANC had been lobbying for support (since they likely need just one vote to reach the 201 required for a majority).
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FRANCE T-BILL AUCTION RESULTS: 14/23/25/51-week BTFs
Mar-03 13:56
| Type | 14-week BTF | 23-week BTF | 25-week BTF | 51-week BTF |
| Maturity | Jun 12, 2025 | Aug 13, 2025 | Aug 27, 2025 | Feb 25, 2026 |
| Amount | E3.394bln | E598mln | E1.898bln | E1.797bln |
| Target | E3.0-3.4bln | E0.2-0.6bln | E1.5-1.9bln | E1.4-1.8bln |
| Previous | E3.195bln | E498mln | E2.08bln | E1.998bln |
| Avg yield | 2.396% | 2.330% | 2.339% | 2.239% |
| Previous | 2.423% | 2.381% | 2.339% | 2.241% |
| Bid-to-cover | 3.14x | 4.41x | 2.73x | 2.79x |
| Previous | 3.69x | 4.3x | 3.04x | 4.05x |
| Previous date | Feb 24, 2025 | Feb 03, 2025 | Feb 24, 2025 | Feb 24, 2025 |
BUNDS: Extending lower
Mar-03 13:46
- Bund has now closed the gap to 131.44, further downside momentum will open to the February low in futures, at 131.26.
- In Yield Terms, the February high stands at 2.564%, which today would equate to a slightly higher level, up to 131.31.
US: MNI POLITICAL RISK - Johnson Eyes Govt Funding Stopgap Through Sept
Mar-03 13:36
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- President Donald Trump will make an “investment announcement” at the White House at 13:30 ET 18:30 GMT. Trump has previously appeared alongside representatives of SoftBank, OpenAI, Apple, and DAMAC to announce private investment projects, touting them as wins for his administration’s business-friendly policies.
- Trump said on Truth Social this morning ahead of tomorrow's address to Congress: “TOMORROW NIGHT WILL BE BIG. I WILL TELL IT LIKE IT IS!”
- Speaker Johnson (R-LA) intends to pursue a ‘clean’ Continuing Resolution to extend government funding through September 30.
- US Commerce Secretary Howard Lutnick said yesterday the US intends to impose tariffs on Canada and Mexico on Tuesday, but the situation is “fluid”.
- Cryptocurrencies rallied after Trump announced that Bitcoin, Ether, and several lesser-known tokens will be included in the administration’s strategic crypto reserve.
- Elon Musk reissued his instruction to federal workers to justify their work or face dismissal.
- Agriculture Secretary Brooke Rollins said farmers will receive the first tranche of USD$30 billion authorised by Congress “soon”.
- Europe has moved to replace the US as Ukraine’s primary security guarantor. Further European action will be coordinated at a special EU summit on Thursday. Zelenskyy indicated he is willing to re-engage with Trump.
- Secretary of State Marco Rubio invoked “emergency authorities” to send a USD$4 billion weapons package to Israel amid concerns over the Gaza ceasefire agreement.
- Chart of the Day: "Very few" Americans support cuts to government services.
Full article: US DAILY BRIEF
