EM ASIA CREDIT: Varanasi Aurangabad Nh-2 Tollway (SOMAID, Baa3/NR/BBB-) $Bench

Feb-19 01:18

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Varanasi Aurangabad Nh-2 Tollway (SOMAID, Baa3/NR/BBB-) "*MANDATE: VARANASI AURANGABAD NH-2 USD BMR...

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CHINA SETS YUAN CENTRAL PARITY AT 7.1886 MON VS 7.1889

Jan-20 01:16
  • CHINA SETS YUAN CENTRAL PARITY AT 7.1886 MON VS 7.1889

JAPAN DATA: Japan November Machine Orders +3.4% M/M

Jan-20 01:15
  • Japan's core machinery orders, excluding those for power generation equipment and ships, rose 3.4% m/m in November, up from last 2.1% increase, posting the second monthly rise in four months.
  • Orders from manufacturing sectors, increased 6.0%, decelerating from the previous 12.5% m/m reading.
  • Orders from the non-manufacturing sector, rose 1.2% m/m, offsetting the 1.2% decrease registered last month.
  • The outlook for the October-December period is for an increase of 5.7%, compared with the 1.3% decrease over the previous quarter.

US TSYS: Tsys Futures Trades Through Friday Lows

Jan-20 00:50
  • Tsys futures have opened lower in Asia, while there will be no cash tsys trading until Tuesday. Longer-dated contracts are underperforming this morning after curves bear-flattened on Friday. TU is the only contract not trading below Friday's lows, -00¾ at 102-22¾, while TY is -04+ at 108-13
  • Projected rate cuts through mid-2025 cooling again, current lvls vs. Friday morning* as follows: Jan'25 at -0.1bp, Mar'25 at -6.9bp (-8bp), May'25 -12.6bp (-14.6bp), Jun'25 -21.6bp (-24.6bp), Jul'25 at -25.4bp (-29.1bp).
  • Foreign holdings of tsys rebounded in November, rising by $51.6b to $8.63t, nearing the all-time high of $8.67t recorded in September. Gains were widespread, with China increasing its holdings by $8.5b to $768.6b, and the UK adding $22.3b to reach $765.6b. Meanwhile, Japan, the largest holder, saw a decline of $3.1b to $1.1t. Belgium's holdings rose by $11.7b to $361.3b, potentially reflecting custodial accounts for China. Conversely, the Cayman Islands, a hub for hedge funds, reduced holdings by $12.7b to $397b.