EQUITIES: US Cash Opening calls

SPX: 5,643.3 (+0.1%); DJIA: 41,493 (+0.0%/+5pts); NDX: 19,733.8 (+0.1%).

Gilts continue to take cues from DM peers, with little of note on the UK calendar until Thursday’s BoE-labour market data combo.

• Gilts recently caught between cross-market impulses, with Bund outperformance maintained, while U.S. data and fresh demand for equities weighed on U.S. paper before a broader assessment of the data meant that the weakness faded.
• Gilt futures to fresh session highs at 92.17.
• Our technical analyst believes that the short-term trend outlook in the contract remains bearish, with recent gains deemed corrective.
• Initial support at the March 7 low (91.07), which held on Friday. Initial resistance at the 20-day EMA (92.28).
• Yields 0.5-3.0bp lower, curve flattens.
• 2s10s stops shy of a close above 50bp in recent sessions, with the same holding true for 100bp in 5s30s.
• Several sell-side names maintain preference for 2s10s steepeners into next week’s fiscal announcements.
• Gilt/Bund spread near session highs, 5bp wider at ~184bp. Last week’s closing high stands at 184.4bp.

• Date $MM Issuer (Priced *, Launch #)
• 03/17 $Benchmark ADB 10Y SOFR+60a
• 03/17 $Benchmark Hyatt 3Y +130a, 7Y +175a
• 03/17 $Benchmark Santander 4NC3 +165a, 6NC5 +185a
• 03/17 $Benchmark BMW US Capital 2Y, 2Y SOFR, 3Y, 3Y SOFR, 5Y, 10Y
• 03/17 $Benchmark Public Service Co of Colorado 10Y +125a, 30Y +145a
• 03/17 $Benchmark Republic Services 5Y +100a, 10Y +120a
• 03/17 $Benchmark Oncor 2Y +75a, 10Y +130a, 30Y +145a
• 03/14 No new corporate issuance Friday after $57.2B priced on the week