In today’s briefing:
- EM Spreads – Weekly News & Views
- Lucror Analytics – Morning Views Asia
- Lucror Analytics – Morning Views Asia
EM Spreads – Weekly News & Views
- Suzano to Acquire 51% of Kimberly-Clark’s International Tissue Business for $1.73bn
- Vista Priced US$500mn 2033 Unsecured Notes at Par to Yield 8.5% (IPT: mid-8%) / Cemex Launches US$1bn Perpetual NC5 Notes to Yield 7.2% (IPT: 7.625%)
- Telecom 1Q25: Margin Gains Support Credit, But Telefónica Deal Still Central / Telecom Prices US$800 Million Unsecured Bond Due 2033 at 9.5% Yield
Lucror Analytics – Morning Views Asia
- Treasury yields climbed yesterday, led by the front and belly tenors, in line with similar price action in Europe after ECB President Christine Lagarde indicated that the central bank could pause rate cuts in the summer.
- The UST curve bear-flattened, with the yield on the 2Y UST rising 5 bps to 3.92% and the yield on the 10Y UST up 4 bps at 4.39%.
- US equities retreated, with the S&P 500 and Nasdaq declining 0.5% and 0.8%, respectively. US President Donald Trump and his Chinese counterpart Xi Jinping spoke on Thursday in a call that lasted c. 1.5 hours.
Lucror Analytics – Morning Views Asia
- US Treasury yields rose by 9-13 bps across the curve on Friday, as a stronger than projected nonfarm payrolls report drove down market expectations for Fed easing.
- The yield on the 2Y and 10Y UST increased 11 bps each to 4.04% and 4.51%, respectively.
- Equities rallied, as the robust jobs report allayed concerns over an imminent economic slowdown. The S&P 500 rose 1.0% to 6,000, while the Nasdaq jumped 1.2% to 19,530.
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