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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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- Bunds ended 5-8bps tighter after moving off intraday richest levels into the close– our DM team flagged the softer-than-expected US ISM services print as driving the move. Again flagging ECB preview here: https://roar-assets-auto.rbl.ms/files/60229/ECB%20Preview%20March%202024.pdf
- Main/XO closed +1.1bp/6.6bp, underperforming CDX IG/HY by 0.6bp/2.5bp, with €IG/€HY cash broadly in line at +0.6bp/+6bp with performance evenly spread across €IG tenors and with Supermarkets the only notable sector in the green while Energy/Media widened over 2bp.
- SXXP ended -0.3% with the Tech sub-index underperforming at -1.6% with Apple’s China sales weighing on the sector though Teleperformance was one of the few shares in the green ahead of today’s earnings. Utilities held onto early gains to finish +1.9% with nearly all stocks in the green.
- Hong Kong and China equities are higher/flat today, with Hong Kong equities making up for their underperformance on Tuesday. Stoxx 50 futures are +0.1% ahead of the open. Up today we have:
GMT/Local | Impact | Country | Event |
0700/0800 | ** | DE | Trade Balance |
0830/0930 | ** | EU | IHS Markit Final Eurozone Construction PMI |
0930/0930 | ** | UK | IHS Markit/CIPS Construction PMI |
1000/1100 | ** | EU | Retail Sales |
1200/0700 | ** | US | MBA Weekly Applications Index |
1230/1230 | UK | Budget Statement | |
1315/0815 | *** | US | ADP Employment Report |
1445/0945 | *** | CA | Bank of Canada Policy Decision |
1500/1000 | * | CA | Ivey PMI |
1500/1000 | ** | US | Wholesale Trade |
1500/1000 | *** | US | JOLTS jobs opening level |
1500/1000 | *** | US | JOLTS quits Rate |
1500/1000 | US | Fed Chair Jay Powell | |
1530/1030 | ** | US | DOE Weekly Crude Oil Stocks |
1530/1030 | CA | BOC Press Conference | |
1700/1200 | US | San Francisco Fed's Mary Daly | |
1900/1400 | US | Fed Beige Book | |
2115/1615 | US | Minneapolis Fed's Neel Kashkari |
Final Type | Issuer | Ticker | Spread Against | Launch Spread | Avg. Tightening From IPT | Avg. Launch Spread (MS) | BBG NIC | Amount (bn) | Total Cover |
Banks (Sr Bail-In) | ARBEJDERNES LANDSBANK | ARBEJD 4 7/8 03/14/29 | MS | 220 | 15.0bp | 220.0bp | N/A | 0.3 | 1.6x |
Banks (Sr Bail-In) | COVENTRY BLDG SOCIETY | COVBS 5 7/8 03/12/30 | B | 195 | N/A | N/A | N/A | 0.5 | 3.6x |
Banks (Sr Pref) | COMMERZBANK AG | CMZB Float 03/12/27 | FRN | 70 | 30.0bp | N/A | N/A | 0.5 | 7.6x |
Banks (Sr Pref) | LANDSBANKINN HF | LANBNN 5 05/13/28 | MS | 225 | 40.0bp | 225.0bp | N/A | 0.3 | 6.3x |
Basic Resources | ORANO SA | ORANOF 4 03/12/31 | MS | 145 | 32.5bp | 145.0bp | N/A | 0.5 | 4.0x |
Communications | NTT FINANCE CORP | NTT 3.359 03/12/31 | MS | 73 | 32.0bp | 73.0bp | 12.2bp | 0.7 | 3.0x |
Covered (Banking) | DNB BOLIGKREDITT AS | DNBNO 2 7/8 03/12/29 | MS | 27 | 7.0bp | 27.0bp | -7.4bp | 1.25 | 2.8x |
Covered (Banking) | ERSTE GROUP BANK AG | ERSTBK 3 1/8 12/12/33 | MS | 55 | 5.0bp | 55.0bp | 1.0bp | 1 | 1.8x |
Covered (Local Authority) | BAYERISCHE LANDESBANK | BYLAN 2 7/8 11/13/28 | MS | 22 | 6.0bp | 22.0bp | -1.6bp | 0.5 | 2.1x |
Insurance (RT1) | NN GROUP NV | NNGRNV 6 3/8 PERP | MS | 385 | 52.3bp | 385.0bp | N/A | 0.75 | 4.0x |
Media | WPP FINANCE 2013 | WPPLN 3 5/8 09/12/29 | MS | 108 | 34.5bp | 108.0bp | N/A | 0.6 | 3.4x |
Media | WPP FINANCE 2013 | WPPLN 4 09/12/33 | MS | 143 | 34.5bp | 143.0bp | N/A | 0.65 | 3.6x |
Retail | KERING | KERFP 3 3/8 03/11/32 | MS | 80 | 35.0bp | 80.0bp | 2.0bp | 1 | 1.7x |
Retail | KERING | KERFP 3 5/8 03/11/36 | MS | 103 | 32.0bp | 103.0bp | 9.2bp | 0.75 | 2.4x |
Services | RANDSTAD NV | RANDNA 3.61 03/12/29 | MS | 90 | 25.0bp | 90.0bp | N/A | 0.5 | 1.9x |
Services | TRANSURBAN FINANCE CO | TCLAU 3.713 03/12/32 | MS | 110 | 27.5bp | 110.0bp | 5.8bp | 0.5 | 4.4x |
Services | TRANSURBAN FINANCE CO | TCLAU 3.974 03/12/36 | MS | 135 | 30.0bp | 135.0bp | 29.5bp | 0.5 | 4.6x |
Utilities | ORSTED A/S | ORSTED 5 1/8 03/14/3024 | MS | 259 | 50.0bp | 259.0bp | N/A | 0.75 | 4.9x |
Total Corporates | 28.7bp | 136.3bp | 6.3bp | 11.55 | 3.3x |
To read the full story
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Please enter your details below.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.