EU BASIC INDUSTRIES: Air Liquide: Final (AIFP; A2/A/NR)
• 4yr Final: €500m ms+38
• Books: 2.5bn
• IPT: exp €500m 4yr ms+70-75 (100.50 call)
• FV: ms+30
• 7.5yr Final: €500m ms+63
• Books: 1.9bn
• IPT: exp €500m 7.5yr ms+95a (100.50 call)
• FV: ms+60 in line with AIFP 33s. We note that the AIFP 3.375 34 trades wide.
• 12yr Final: €750m ms+80 (was +/- 5 not +/- 2)
• Books: 2.6bn
• IPT: € BMK 12yr ms+115-120 (101 call)
• FV: ms+75. Taking the recent AIFP 3.5% Mar 35 (Dec 34 Call) and adding 12bps for 3yrs in line with Linde curve.
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US TSY FUTURES: BLOCK: More Dec'25 2Y
- 7,000 TUZ5 104-04.5, bid going into the print at 0856:09ET, DV01 $277,900.
- The 2Y contract trades 104-04.25 last (+.5)
BOE: Ramsden: Less concerned than other MPC members disinflation will stall
- "I'm not ruling out that there might be more structural factors at work that could mean that you get that disinflationary process, which I've been quite confident in playing out via the labour market does stall, and I think some of my colleagues on the Monetary Policy Committee put more weight on that risk than I do, and it's why I think there'll be a big focus on what happens to the settlements data."
- "Does it continue to fall back to target consistent rates, or do we see further inertia, rather like I think we saw at the end of last year? Do we see a new bout of that? I don't see any evidence of yet, which is why my risk assessment is balanced, but on the committee, that is a concern, and that's again, comes back to, I think, analysing these structural factors in the labour market, depending on the characteristics of whether it's the UK or the euro area or the US I think is going to be a remain a super rich area for research.
US: Trump Firms Up On Movie Tariffs, Netflix Indicated Lower
President Trump posts the following to Truth Social: "Our movie making business has been stolen from the United States of America, by other Countries, just like stealing “candy from a baby.” California, with its weak and incompetent Governor, has been particularly hard hit! Therefore, in order to solve this long time, never ending problem, I will be imposing a 100% Tariff on any and all movies that are made outside of the United States. Thank you for your attention to this matter. MAKE AMERICA GREAT AGAIN! President DJT
- Note that isn't a new idea, Trump has previously touted it, but this tariff now seems certain to be implemented. Netflix lower pre-market as a result, indicated -1.7% last.
