EM CEEMEA CREDIT: Ahli Bank: Q3 earnings, neutral read
(ABQKQD; A2/NR/A)
Neutral read. In secondary, ABQKQD 4.95 Mar30 chart at z+110bp area or G+80bp, off the recent lows, having launched back in March at T+105bp.
• NII at QAR335.9mn +4.5% y/y
• F&C at QAR 35.2mn +4.7% y/y
• Net profits at QAR273mn. Total assets show y/y and ytd growth at QAR62.5bn.
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SPAIN AUCTION RESULTS: On offer Thursday
Spain will look to sell a combined E5-6bln of the following Bono/Oblis at its auction on Thursday (Sep 18)
- the 2.40% May-28 Bono (ISIN: ES0000012O59)
- the 3.20% Oct-35 Obli (ISIN: ES0000012P33)
- the 4.00% Oct-54 Obli (ISIN: ES0000012M93)
COMPANY NEWS: Donald J. Trump via Truth Social On Quarterly Reporting
@realDonaldTrump
Subject to SEC Approval, Companies and Corporations should no longer be forced to “Report” on a quarterly basis (Quarterly Reporting!), but rather to Report on a “Six (6) Month Basis.” This will save money, and allow managers to focus on properly running their companies. Did you ever hear the statement that, “China has a 50 to 100 year view on management of a company, whereas we run our companies on a quarterly basis??? Not good!!!"
EURIBOR OPTIONS: Large ERX5 Call Condor
ERX5 98.00/98.0625/98.125/98.1875 call condor, paper pays 1 for 18k
- ERZ5 is currently 97.985.
- X5 options expire on November 14th, so this structure looks for dovish developments into the ECB's October 30 decision.
