UK T-BILL AUCTION RESULTS: 1/3/6-month UKTBs

In light of yesterday’s developments surrounding the Dutch pension fund transition Rabobank think that it “is likely that there will be more changes on the regulation going forward”. However, they think any such adjustments “will be as impactful as the one that was voted on yesterday”.

• They believe that yesterday’s steepening flow is likely the result of hedge fund activity and not actual pension fund flow.
• Rabobank currently estimate a little over of EUR160mln DV01 of pension fund adjustment around 1 January ’26, with an additional ~EUR180mln DV01 of pension fund adjustment around 1 January ’27, although warn that these significant volumes will likely be spread over time, predominantly after the expected transfer date.

The G7 Finance Ministers and Central Bank Governors' meeting gets underway in earnest today in Banff, Alb. in western Canada. 

• Wednesday schedule: A welcoming ceremony and group photograph will take place at 0815 local time (1015ET, 1515BST, 1615CET), followed by an official opening at 0900 local (1100ET, 1600BST, 1700CET). Working sessions on global economy, economic resilience and security, and the situation in Ukraine, among others, get underway 30 mins later, continuing through to 1600 local.
• Thursday schedule: Ministers and governors hold working sessions on financial crime and artificial intelligence from 0830 local (1030ET, 1530BST, 1630CET) before Canadian Finance Minister Francois-Philippe Champagne and Bank of Canada Governor Tiff Macklem hold a closing press conference from 1230 local (1430ET, 1930BST, 2030CET).  
• Leaders of the International Monetary Fund, World Bank and Organisation for Economic Co-operation and Development will also be in attendance at the meeting.  
• Ministers from across the G7 are likely to hold sideline meetings with US Treasury Secretary Scott Bessent as they look to push for deals to avoid the re-imposition of reciprocal tariffs.
• On 20 May, Champagne kicked off the meeting with a press conference alongside his Ukrainian counterpart Sergii Marchenko. Champagne told reporters that G7 ministers stand "shoulder to shoulder" with Ukraine, adding, "It sends a strong message to the world that we are, all of us, are recommitting to support Ukraine. We're going to hold Russia to account and we're also going to talk about what we're going to be doing in terms of reconstruction."

IGCP, E.P.E. announces due to technical issues on Bloomberg, widely affecting dealers and market participants at the moment, the T-Bills auction planned today for 10:30 (London/Lisbon time) is postponed one hour to 11:30 or until the issue is sorted.