CEEMEA OPEN: Quiet start to PL as US Presidential elections loom

The DXY fell to a 2-wk low of 103.630 at the open with markets preparing for a fresh wave of volatility coming from the US election, that is threatening to upend global trade and potentially roil the economic outlook across the developing world.

The presidential race between Trump and Harris is considered too close to call. Treasury futures have similarly pared losses from last Friday (trading in cash is closed in Asia owing to a holiday in Japan), keeping to around their lowest level seen in around four months, with focus in that space currently centered around the upcoming results of the US presidential contest.
Brent futures added as much as 2% overnight (to $74.53brl) vs a 10-day high at $74.94brl on Friday after the Iranian Supreme Leader warned a 'crushing response' awaits the US & Israel.
S&P added 0.4% on Fri and the futures are up 0.25% ahead of the EZ open as they further consolidate Fri's four week low.

Fresh in the CEEMEA Pipeline

On the Radar

Pipeline activity is likely to be subdued until the US presidential election results are finalised.
Still on the sidelines remains, Trans-Oil Group, a leading agro-industrial holding in Central and Eastern Europe, operating in Moldova, Romania and Serbia, commenced a GIC on Monday (October 28) and a series of investor calls on Tuesday (October 29) to advertise a USD-denominated Reg S senior secured guaranteed 5NC2 Eurobond offering by Aragvi Finance International DAC (a wholly owned subsidiary of the Group).
1. TOG has mandated Citi, ING and Oppenheimer as Joint Global Coordinators and Joint Bookrunners and Raiffeisen Bank International and UniCredit as Joint Bookrunners
2. The notes have an expected rating of B+ by Fitch and B by S&P.
3. In addition, the Group (acting via Aragvi Finance International DAC as the Offeror) announced an invitation to holders of its outstanding USD500mn 8.45% Notes due 29 April 2026 (the “Notes”) to tender any-and-all of the Notes for cash, and together with the tender offer, concurrently consent to allow for the mandatory early redemption of the Notes.

Priced Deals

What to watch on Monday

In CEEMEA, a light regional agenda including Hungary PMI & Poland PMI (8GMT).
In the US, Factory Orders, Durable goods & Cap Goods (15GMT).
Central bankers expected to speak today include only Fed’s Logan.

Wider market Sentiment

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