CEEMEA OPEN: Bahrain lands deal before Thanksgiving break and month-end

It is the US Thanksgiving holiday today & cash treasury markets; stock exchanges & open outcry pits are closed but equity & debt futures are open for a shortened electronic session (close 18.00GMT).

Of course, US market participants will be out for the day (and many will be absent from desks tomorrow too) for Thanksgiving Day celebrations. There is a convenient expectation amid some traders that activity could grind to a halt during this period, but of course occasionally these inevitably thinner conditions can work to exacerbate moves, particularly on a theoretically big breaking news item.
Still, the USD starts the day a touch firmer after Wednesday's barrage of mostly as forecast US data (Q3 GDP, core PCE).
To recap matters from Wed, the headline PCE Price Index climbed in Oct as expected, printing +2.3% Y/Y (BBG median +2.3%; Sep +2.1%), putting the gauge at a high not seen since Aug '24. The core gauge also ticked higher to print +2.8% Y/Y (BBG median +2.8%; Sep was +2.7%).
Meanwhile, the second estimate of the Q3 GDP came in as expected, growing at a solid 2.8% Q/Q (BBG median +2.8%; prior +2.8%), supported by consumer spending and business investments.
S&P500 ended 0.4% lower but the futures are up 0.1% ahead of the EZ open & Chinese indices softer in late trade.
Nikkei hit a 1mth low then traded 0.9% in the black while Bitcoin hit a 3-day high o/night then softened.
Dec24 Bunds have added 15 ticks to 134.12 vs an 8-week peak at 134.33 yesterday.

Fresh in the CEEMEA Pipeline

On the Radar

It’s been a fairly quiet week in CEEMEA so far, with just the one deal having landed this week, as US markets shut for the Thanksgiving public holiday today (November 28).
The Kingdom of Bahrain, acting through the Ministry of Finance and National Economy, rated B+ (stable) by S&P and B+ (stable) by Fitch, has now priced its USD1.25bn Reg S fixed ling 7yr Senior Unsecured Sukuk at 5.875%. That’s in from the 6.25% area IPTs after attracting over USD3.50bn in final demand, excluding JLM interest.

Priced Deals

Date	Issuer	Ccy	Amount (m)	Coupon	Maturity	Yield	Spread	IPTS to Pxd	Book size (m)	Coverage	NICs
27-Nov	Republic of Bahrain	USD	1250	5.875	05/06/2032	5.875		-37.5	3500

What to watch on Thursday

In CEEMEA, Polish final 3Q GDP (09GMT) and S. African PPI (09.30GMT) is on tap.
An empty agenda in the US with markets closed for Thanksgiving.
Central bankers expected to speak today include only the ECB’s Villeroy, Knot & Lane

Wider market Sentiment

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