SPAIN AUCTION RESULTS: 5/8/10-year Oblis
Jun-19 08:46
| 1.95% Jul-30 Obli | 3.15% Apr-33 Obli | 3.20% Oct-35 Obli | |
| ISIN | ES00000127A2 | ES0000012L52 | ES0000012P33 |
| Amount | E1.868bln | E1.428bln | E2.25bln |
| Previous | E1.533bln | E2.757bln | E13bln |
| Avg yield | 2.506% | 2.904% | 3.208% |
| Previous | 2.950% | 3.509% | 3.235% |
| Bid-to-cover | 2.13x | 1.99x | 1.73x |
| Previous | 2.04x | 1.38x | |
| Avg Price | 97.363 | 101.686 | 99.927 |
| Low Price | 97.330 | 101.630 | 99.890 |
| Pre-auction mid | 97.274 | 101.565 | 99.785 |
| Prev avg price | 94.344 | 96.992 | 99.71 |
| Prev low price | 94.310 | 96.900 | |
| Prev mid-price | 94.247 | 96.869 | |
| Previous date | 18-Apr-24 | 20-Apr-23 | 28-May-25 |
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GILT SYNDICATION: 5.375% Jan-56 gilt: Spread set
May-20 08:46
- Spread set: 4.25% Dec-55 gilt (GB00BT7J0241) + 1.75bp (guidance was 1.75bp/2.25bp)
- Size: GBP benchmark (MNI expects GBP5.5-8.5bln)
- Books in excess of GBP70bln (inc JLM interest of GBP3.75bln)
- ISIN: GB00BT7J0241
- JLMs: BNP Paribas, BofA Securities, Deutsche Bank, Goldman Sachs International Bank (B&D / DM) and Santander
- Settlement: 21 May 2025 (T+1)
- Maturity: 31 January 2056
- Coupon: 5.375%. Short first
- Timing: Books to close at 10:00BST (as MNI expected)
From market source / MNI colour
BOE: Pill on real income resistances
May-20 08:43
Pill is now starting the Q&A.
- He went off script a bit on the welfare losses based on real income resistances (based on policymakers' beliefs vs true levels) and went into quite a bit more detail than the prepared text discusses.
- He argues that there are two-sided risks to assuming real income resistance is either too high or too low. And that there is no general result to be either too worried or not worried enough about intrinsic inflation.
OPTIONS: Larger FX Option Pipeline
May-20 08:31
- EUR/USD: May21 $1.1140-50(E1.3bln), $1.1250(E1.1bln), $1.1390-05(E2.1bln); May22 $1.1175(E1.9bln); May23 $1.1145-50(E1.1bln), $1.1180-85(E1.1bln), $1.1300(E1.0bln), $1.1330-50(E1.3bln), $1.1400(E1.1bln)
- USD/JPY: May23 Y144.00($1.4bln), Y145.00($1.9bln)
- GBP/USD: May22 $1.3260-70(Gbp1.5bln)
- USD/CAD: May22 C$1.4050($1.3bln); May23 C$1.4000-15($1.2bln)
