CEEMEA OPEN: Poland to issue JPY bonds

• The DXY is steady along the 106.600 handle after late Friday, the Fed's Collins said she was not raking a possible Dec cut off the table & 'some amount of easing' is appropriate over time.

• Fed Goolsbee sees rates softening along the lines of the dot plot and added that the Fed may slow the pace of cuts as it nears neutral. Fed's Barkin is still seeing inflation progress & the hope & expectation is that it will come down next year.
• Incoming US President Trump's he search for his chief economic policymaker devolved into disarray over the weekend, with contenders tussling for support, aides scrambling to find alternative candidates and Trump fuming over the behind-the-scenes chaos that has spilled into public view.
• Nikkei shed 1% to a 13-day low on concerns over Trump's potentially inflationary policies but Hang Seng firmed 1.8% on a surprise buyback plan by Samsung.
• S&P500 futures are up 0.25% ahead of the EZ open from a 12-day low close Fri. Front month Brent futures hit a fractional new 7wk low at $70.70brl

Fresh in the CEEMEA Pipeline

On the Radar

• Republic of Poland, rated A2 (Stable) / A (Stable) (Moody’s / JCR) is issuing a potential 3yr, 5yr, 7yr, 10yr, 20yr and 30yr JPY-denominated Samurai senior fixed rate transaction.
  1. For 3yr (26 November 2027 tenor, IPG: YMS+55bp area.
  2. For 5yr (28 November 2029) tenor, IPG: YMS+65bp area.
  3. For 7yr (28 November 2031) tenor, IPG: YMS+75bp area.
  4. For 10yr (28 November 2034) tenor, IPG: YMS+90bp area.
  5. For 20yr (28 November 2044) tenor, IPG: YMS+110bp area.
  6. For 30yr (27 November 2054 tenor, IPG: YMS+120bp area.
  7. One or more tranches may be dropped subject to issuer's preference and demand.
  8. Has mandated Mitsubishi UFJ Morgan Stanley, Nomura and SMBC Nikko as Joint Lead Managers for this offering. The transaction is expected to be launched soon subject to market conditions.

Priced Deals

• No new priced deals.

What to watch on Monday

• In CEEMEA, focus will be on Czech's PPI data (8GMT), Poland's Core CPI data (13GMT)

• Central bankers expected to speak today include the Fed's Goolsbee (15GMT).

• From the ECB, Guindos, Makhlouf, Lane, Stournaas, Greene, Vujcic & Lagarde.

Wider market Sentiment

• USD Index at 106.712
• UST 2yr/10yr at 4.303%/4.432%
• Bund 2yr/10yr at 2.133%/2.343%
• Brent at $71.32/brl

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