CEEMEA OPEN: A busier Friday morning than usual with three deals in the pipeline

For now, the broader USD is off Thursday's post-NFPs rebound highs (DXY top 103.18), but looks set to finish the week relatively strongly. At this stage. EUR/USD for instance has traded south of the psychological 1.1000 mark these five days so far.

Fed Goolsbee, Barkin and Williams all suggested the Fed can continue lowering interest rates overnight, but in the wake of Thursday's slightly firmer than forecast US CPI report.
Bostic, however, said (he is) totally comfortable with skipping a meeting (November?) if the data suggests that’s appropriate.
In an interview with the WSJ, the Atlanta Fed man he revealed that, in projections released in September, he had called for one additional -25BPs cut this year, while the Fed overall has two remaining meetings in 2024.
Elsewhere, the EUR has failed to gain much of a bid from expectations that China's finance minister could announce around Rmb 2tln (Usd 283bln) in fresh fiscal stimulus as Beijing seeks to support the world's second largest economy, boost confidence and help the government achieve its around 5% GDP target for 2024.
In markets, Dec24 Bunds have added 28 ticks to 133.57 with a 38.2% Fibo of the Oct range at 134.07.
The UK/German 10yr yield spread ended up at 195.4bps, wide since 22nd Aug 2023 (205.3bps target). The US 10yr yield is hit 4.057% o/night vs a 10wk high at 4.116% yest.

Fresh in the CEEMEA Pipeline

On the Radar

There is just one live deal in the CEEMEA markets on Thursday. There was a noticeable drop in appetite this week, likely due to escalated Middle East conflict, an upcoming US public holiday on Monday and as investor eye US CPI due today (12.30GMT).

Navoi Mining And Metallurgical Company Joint-Stock Company (NMMC), 4th largest gold producer globally by output with the 2nd lowest cost base among its peers, wholly state owned by the Republic of Uzbekistan, rated BB- (S&P) and BB- (Fitch), both outlooks stable, with standalone credit profile BB+ (S&P) and BB (Fitch), has now gone live with its inaugural dual-tranche USD-denominated Reg S Senior Unsecured benchmark bond offering in the following format:
- USD500mn WNG 4yr (October-2028) at 7.250% area IPTs
- USD500mn WNG 7yr (October-2031) at 7.500% area IPTs.
- NMMC organised a GIC last week (October 04) and investor calls on Monday and Tuesday (October 07-08).
- NMMC has mandated Citi, J.P. Morgan and Societe Generale as Joint Global Coordinators, and together with Deutsche Bank, ICBC, MUFG and Raiffeisen Bank International as Joint Bookrunners.

There was a new addition to the pipeline on Thursday. Africell Holding Limited (“Africell” or the “Company”), a leading regional African mobile network operator with operations in Angola, the Democratic Republic of the Congo, The Gambia and Sierra Leone, rated B (Stable) by S&P and B- (Stable) by Fitch, arranged in-person and virtual meetings and a GIC earlier this week (October 09) to advertise a debut USD300mn exp Reg S 5NC2 Senior Unsecured Note.
- Africell has mandated Citi, J.P. Morgan and Standard Bank as Joint Global Coordinators and Physical Bookrunners.

Still on the sidelines, Adani Hybrid Renewalscommenced a series of fixed income investor meetings that commenced last week (October 04) to advertise a USD bmk Reg S 20yr Senior Secured notes offering.
- The issuer has appointed DBS Bank Ltd., Emirates NBD Bank PJSC, First Abu Dhabi Bank PJSC, ING, Intesa Sanpaolo S.p.A., London Branch, Mizuho Securities (Singapore) Pte. Ltd., MUFG, SMBC Nikko, Société Générale and State Bank of India, London Branch as Joint Bookrunners.
- The Notes are expected to be rated BBB-/Stable (EXP) by Fitch and Baa3/Stable by Moody’s.

Priced Deals

What to watch on Friday

In CEEMEA and just released, RomanianCPI eased more than expected in September to 4.62% y/y vs the 4.70% consensus f/c and 5.10% in August, boosting bets for another rate cut this year and before elections.
- Still to come, Russian CPI (16GMT) is anticipated to slow for a second straight month to 8.60% y/y in September from 9% prior as tight monetary policy and cooling demand will help the central bank reduce inflation in the remainder of the year (preview here).
- Also on today's agenda, Turkish C/A Balance, Retail Trade and Expected Inflation Next 12mth (07GMT) & Russian C/A Balance (13GMT).

In the US, PPI (12.30GMT) and Uni of Mich Sentiment/Current Conditions/Expectations/Inflation (14GMT).

Central bank speakers include the Fed’s Goolsbee, Logan & Bowman and the ECB's Holzmann.

Wider market Sentiment

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