U.S. corporate bond update: the issuance calendar is much less active today U.S. corporate bond update: the issuance calendar is much less active today. Toyota Motor Credit is selling benchmark sized 3-year fixed and just added a 3-year floater. DISH has a $2.5 B deal in 10-year senior notes. Kimco Realty is offering a $300 M 10-year. Hershey launched a $250 M 10-year. Fannie will price a benchmark 3-year Wednesday.
Fitch upgrades Greece to 'B-' from 'CCC', outlook stable Fitch Ratings has upgraded Greece's long-term foreign and local currency IDRs to 'B-' from 'CCC'. The short-term foreign currency IDR has also been upgraded to 'B' from 'C' and the Country Ceiling upgraded to 'B' from 'B-'. The outlook on the long-term IDRs is stable. The upgrade of Greece's sovereign ratings by one notch reflects some the following factors: The Greek economy is rebalancing: clear progress has been made towards eliminating twin fiscal and current account deficits and 'internal devaluation' has begun to take hold. The price has been high in terms of lost output and rising unemployment and the capacity for recovery is still in doubt. Nonetheless, sovereign debt relief and an easing of fiscal targets have lifted central bank measures of economic sentiment to a three-year high and the risk of eurozone exit has receded. Reference Link
Japan PM Abe is set to announce a growth strategy Japan PM Abe is set to announce a growth strategy on Friday. According to BoJ watchers he will begin phase II on growth, which will focus on corporate tax cut, deregulation and investment policy. Abe has said that he would compile a growth strategy before the G8 summit in June and Tokyo insiders are tipping Friday as the big announcement. USD-JPY ticked up on the talk and briefly traded back over 101.80 from the 101.70 area, but overall it is still struggling to reassert itself on 102.00 amid corporate hedging and large option structures from 102.50 to 103.00.
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