CEEMEA OPEN: Just the one mandate on offer

Late yesterday, US Pres Biden announced a 60-day ceasefire between Israel & Hezbollah.

President elect Trump is said to have selected Kevin Hassett to lead the National Economic Council.
Yesterday's Fed Minutes were balanced/slightly dovish as they revealed broad support for gradually lowering interest rates.
Fed Daly emphasized the importance of avoiding further labour market deterioration while acknowledging the central bank's ongoing need to reduce inflation from its current levels. She said that "with inflation coming down, it’s appropriate to lower the policy rate to get it right sized for the economy", which was seen previously while it was emerging.
The Dollar trades sideways above 106.800 at the European open on Wednesday. USD/EM is mixed, with a slightly softer bias.
S&P rose 0.55% to a record high close at 6021.6 & the CSI300 up 0.8%.
Bund futures traded 134.03 (+46 ticks) o/n for a new 5wk+
Brent futures a tad firmer at $72.86brl vs a 9-day low at $72.09brl on Tues.

Fresh in the CEEMEA Pipeline

On the Radar

It’s been a fairly quiet week in CEEMEA so far, with no live deals at the moment, ahead of the US Thanksgiving public holiday on Thursday (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, will commence a series of fixed-income investor calls today (November 26) to advertise a USD bmk Reg S fixed ling 7yr Senior Unsecured Sukuk.
- Bahrain has mandated Dubai Islamic Bank, First Abu Dhabi Bank, KIB Invest, J.P. Morgan, Mashreq, National Bank of Bahrain and Standard Chartered Bank as Joint Lead Managers and Joint Bookrunners.
- The issuer was last in the markets back in February, where it priced a USD1bn long 7yr Sukuk at 6%, in from the 6.25% area guidance and 6.625% area IPTs after attracting over USD1.4bn in final demand. That deal was seen quoted bid at 5.61% at the time of the mandate.

Priced Deals

What to watch on Wednesday

In CEEMEA, Polish Unemployment Rate (09GMT), Russian Retail Sales, Unemployment Rate, Real Wages and Industrial Production (16GMT) is on tap.
In the US, headline PCE Index (15GMT) is widely projected to have risen 2.3% t/t in Oct, increasing in pace. Strong spending and income growth continue to support price levels, although real spending is likely to ease a tad. The second print of the Q3 US GDP will be out as well, although the consensus sees no change from its earlier estimates. Having said that, consumption may come in lower than expected, with the control group retail sales in Oct unexpectedly falling. The usual round of weekly continuing and initial jobless claims data will be out, although both are likely to hover around levels seen earlier.
Central bankers expected to speak today include only the ECB’s Lane.

Wider market Sentiment

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