CEEMEA OPEN: Trump trades run through the markets on expected victory

The Dollar soared to a 3-month high of 105.221 as Trump trades sweep across global markets as the key swing states of North Carolina, Pennsylvania and Georgia Narrows Vice President's Harris' path to victory.

The Republicans also took control of the senate after flipping seats in West Virginia and Ohio. Treasuries are just off session lows heading into European hours, having cheapened sharply across the session on abovementioned themes as well, sending yields across the curve to their highest seen since at least the beginning of Aug, with the long end of the curve seen leading the cheapening move from then.
This has seen the USD/JPY advance to a 14-week high, S&P500 futures rally to a 12-day peak & Bitcoin surge 7.2% to a new record apex of $75005.1. The US 10yr yield is around 4.424% compared to an overnight and 18-week peak of 4.465%
Late yesterday, China said it would maintain an accommodative monetary stance. Asian equities are mixed with the Hang Seng down -2.70% and CSI 300 down -0.50% while the Nikkei closed 2.61% higher.

Fresh in the CEEMEA Pipeline

On the Radar

Pipeline activity remains subdued as the US presidential election results are finalised with Doland Trump likely to secure victory of both the House and the Senate.

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 Wednesday

In CEEMEA, today’s key event involves the Poland central bank rate decision, whereby rates are expected to remain steady at 5.75% after headline inflation accelerated to its highest level in October (preview here).
1. Also due is Czech Industrial/Construction output & Trade Balance (8GMT)
In the US, MBA Mortgage Applications (12GMT).
Central bankers expected to speak today include only ECB’s Vujcic, Lagarde, Guidos and Villeroy.

Wider market Sentiment

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