TARIFFS: US Conveyed That Xi Should Request w/Trump Call After Tariff Hike - CNN

• Date $MM Issuer (Priced *, Launch #)
• 03/12 $1B OMERS Finance 5Y SOFR+69a
• 03/12 $750M PBF Holding 5NC2
• 03/12 $500M Equitable Holdings WNG 30NC10 7%
• 03/12 $Benchmark AES 7Y +175a
• 03/12 $Benchmark CGI Inc 5Y +120
• 03/12 $Benchmark NetApp Inc 7Y +155a, 10Y +165a
• 03/12 $Benchmark SoCal Edison 5Y +145a, 30Y +185a
• 03/12 $Benchmark Stellantis 3Y +175a, 5Y +200a, 10Y +240a
• 03/12 $Benchmark Canadian Pacific Railway 5Y +100a, 10Y +120a
• 03/12 $Benchmark Amco Flexibles NA 3Y +110a, 5Y +130a, 10Y +150a
  • $$27.65B Priced Tuesday, $33.05B/wk

Bund outperformance in recent trade as equities tick away from session highs. That limits the move below 110bp in BTP/Bunds and prevent OAT/Bunds from probing 65bp in a meaningful way.

• Bund futures back towards session highs.
• German curve twist flattens on the day, with yields 3bp higher to 1bp lower, crowded steepener positioning (linked to the German fiscal outlook) may be factoring in here.
• 2.95% remains intact in 10-Year Bund yields, fresh ’25 highs of 2.94% registered on the day before a fade back to 2.90%.
• German ASWs/swap spreads more reluctant to turn bid, holding tighter across the curve on the day.

• EUR/USD: $1.0800(E1.3bln), $1.0850-60(E1.5bln), $1.0957(E757mln)
• USD/JPY: Y148.00($1.3bln)
• USD/CAD: C$1.4250($968mln), C$1.4350-65($775mln), C$1.4400-10($825mln)