CEEMEA OPEN: Pipeline empty as all eyes turn to US inauguration day

Equity markets are closed in the US for Martin Luther King Day and there will be no cash UST trade. Attention will instead be on the inauguration of Donald Trump as the 47th US President, who will take his second and final term in office.

Whilst markets last week pulled back from "Trump trade" themes as confidence in stringent tariffs waned, Trump vowed over the weekend for aggressive border measures and plans for sweeping executive orders on tariffs, energy, and cryptocurrency (such topics are likely to dominate WEF Davos which begins today. And, a new SEC Chief starts today.)
He also described a "very good" conversation with China's President Xi, discussing trade, fentanyl, and TikTok. Both agreed to establish a "strategic communication channel," with China's VP Han Zheng attending Trump’s inauguration.
Also in China, the central bank kept its benchmark lending rates steady for a third month at 3.1% (one-year) and 3.6% (five-year) to stabilize the weakening yuan, which faces further pressure if Trump raises tariffs on Chinese imports.
Elsewhere, Russian president Putin, and his Iranian counterpart, Pezeshkian, signed a 20-year strategic-partnership treaty in Moscow. The pact will deepen economic, energy and defence co-operation.
Brent has pared an earlier move higher ($81.23/brl best) to trade steady around $80.65/brl after the ceasefire between Israel and Hamas began on Sunday. The former has released 90 Palestinians in exchange for 3 Israelis.
Mar25 and OATs are both a touch lower overnight, although holding most of last week's gains.
Over the weekend, ECB's Schnabel said that can cut rates more but needs to act cautiously.

Fresh in the CEEMEA Pipeline

On the Radar

The CEEMEA pipeline has cleared out before ahead of US President-elect Trump’s inauguration today, which is also a public holiday (Martin Luther Day). We can expect issuance to pick up later this week.
Azule Energy Finance Plc, a wholly-owned subsidiary of Azule Energy Holdings Limited, has now priced its USD1.2bn Reg S Senior Unsecured 5NC2 note at 8.125%, in from the 8.25% area guidance and mid/high 8% IPTs. The deal attracted over USD5.1bn in demand, excluding JLM interest.

Priced Deals

Issuer	Ccy	Amount (m)	Coupon	Maturity	Yield	Spread	IPTS to Pxd	Book size (m)	Coverage	NICs
Azule Energy Finance Plc	USD	1200	8.125	23/01/2025	8.125		-50	5100	4.25

What to watch on Monday

In CEEMEA, a quiet agenda ahead, with only Russian Trade balance and NBP minutes (13GMT) on tap.
In the US, nothing on the data slate. All eyes on Trump’s inauguration.
There is no central bank chatter scheduled today. The Fed entered its blackout period over the weekend.

Wider market Sentiment

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