EU TRANSPORTATION: Aeroports de Paris; tender results

Mar-20 09:47

(ADPFP; NR/A-/BBB+) {ADP FP Equity}

Had a max €250m tender out on the €1b 26s {BH392687 Corp} at MS+10 (-26 vs. secondary then).
Tender exceeded max, will pro-rata at 67.6%, settlement tomorrow.

Secondary performance (all vs. swap):

  • ADP 8Y -11 vs. index -2.5 after giving +15bp NIC
  • ADP 11y -12 vs. index -2.5 after giving +12bp NIC
  • MAG 10Y -3 vs. index +2 after giving no NIC

Historical bullets

EQUITIES: Estoxx Put Spread seller

Feb-18 09:44

SX5E (18/12/26) 5500/5000ps, sold at 175.2 in 10k.

BOE: Bailey Echoes Previous Comments In Fireside Chat

Feb-18 09:42

BOE Bailey is speaking in a fireside chat with Bruegel on "preserving and enhancing open financial markets". Initial headlines (all bbg) are largely in line with his comments yesterday to Wales Online and the broader message from the BOE's February decision:

  • "*BOE'S BAILEY: 'CAREFUL' LANGUAGE REFLECTS MORE UNCERTAINTY"
  • "*BOE'S BAILEY: THERE COULD BE SECOND-ROUND EFFECTS"..."*BOE'S BAILEY: RISKS ON TWO SIDES, COULD GO EITHER WAY"
  • "*BOE'S BAILEY: HUMP IN INFLATION DUE TO ADMINISTERED PRICES"
  • "*BOE'S BAILEY: HARD TO KNOW IF SUPPLY, OR SUPPLY/DEMAND WEAKNESS"

EQUITIES: Estoxx outright call seller

Feb-18 09:28

SX5E (21st Mar) 5700c, sold at 25.5 in 11.4k.