DENMARK: Airport Drone Incidents Are "Hybrid Attack" By "Professional Actor"

Sep-25 07:34

Following a series of drone incursions at Danish airports (the second time in less than a week that it has occurred), Defence Minister Troels Lund Poulsen claims that "there is no doubt this is done by a professional actor". Adds that "there is no direct military threat against Denmark", but that "we expect to see more hybrid events in the time ahead". Adds that we "do not have evidence to say there is a link to Russia," but that "it certainly doesn't look like a coincidence, but looks systematic."

  • Chief of Defence Michael Hyldgaard says that the drone incidents were not limited to commercial airports, but also took place at military facilities.
  • National Police Chief Thorkild Fogde explains that the incidents, as well as disrupting air travel, have the potential to affect the country's energy and transport sectors.
  • With Russia the prime suspect amid a number of drone, jet, and aircraft incursions in NATO countries in recent weeks, US Treasury Secretary Scott Bessent's comments on 24 Sep will be heeded in European capitals and Moscow: "Now Putin has started making incursions into the NATO borders. The one thing I can tell you is the US is not going to get involved with troops or any of that. We will sell the Europeans weapons."
  • Def Min says that Copenhagen has reached out to NATO and the EU regarding the incidents, but has made no decision on activating Article 4, which says members will consult with one another if "territorial integrity, political independence or security" is threatened. 

Historical bullets

BONDS: US Tsys and Gilt Roll pace

Aug-26 07:30

Treasury and Gilt Rolls, expect for the December expiry to be front Month in Gilt Today, Sept is still the most active, but over 80% of the volume is spread related.

PACE: 1st Notice for Gilt is the 28th, and 29th for Tsys:

  • WNA: 64%.
  • USA: 64%.
  • UXA: 72%.
  • TYA: 53%.
  • FVA: 57%.
  • TUA: 66%.
  • Gilt: 63% (As of Friday).

OAT: French 10yr Yield breaks above 3.50%

Aug-26 07:18
  • The French OAT is starting to drag Bund lower, The UK Gilts is also at play, as the UK returns from their Bank Holiday.
  • The French 10yr Yield has fully cleared the 3.50% level, highest since March.

Next stop, reference 121.60:

  • 3.550% = 121.39.
  • 3.631% = 120.61 (highest Yield print since Nov 2011).

(Chart source: MNI/Bloomberg Finace LP).

GFRN10 Index (France Govt Oats B 2025-08-26 08-14-36

EGB SYNDICATION: Austria New 7-Year RAGB: Books open

Aug-26 07:07
  • E3bln WNG of the new 7-year Sep-32 RAGB
  • Guidance: MS+33 area
  • Format: Reg S, Bearer, 144A eligible, CAC
  • Settlement: 02 September 2025 (T+5)
  • Maturity: 20 September 2032 (7Y)
  • Size: EUR 3 billion (Will not grow, excluding potential issuer retention)
  • Coupon: TBD, Fixed, Ann., ACT/ACT (Long 1st to 20 September 2026)
  • ISIN: AT0000A3NY15
  • Bookrunners: BofA / DB(DM/B&D) / Erste Group / HSBC / JPM / Raiffeisen Bank International
  • Timing: Books open, today's business

From market source