LNG: Alexandroupolis LNG Repairs Complete by End April or Early May

Mar-12 14:24

Greece’s 5.5bcm/y Alexandroupolis LNG repairs may be completed by end April or early May, according to Bulgarian Energy Minister Zhecho Stankov cited by Bloomberg.

  • The facility hasn’t been operational since suffering pump malfunction in late January with the outage being extended several times.
  • The impact of the outage has been limited, as only two customers had annual contracted volumes, and Bulgarian gas provider Bulgargaz had already secured its requirements from other sources, Montel sources said in February.
  • Bulgaria’s Bulgartransgaz holds a 20% stake in the terminal.

Historical bullets

STIR: UBS Continue To Recommend Receiving Dec '25 ECB OIS

Feb-10 14:23

UBS continue to recommend receiving December ’25 ECB-dated OIS, looking for another ~10bp in the trade.

  • They note that “even on current market pricing of a deposit rate around 1.80% by the end of 2025, real policy rates will still be well above pre-pandemic averages.”
  • They then go on to highlight several dovish risks underscoring their view, including U.S. tariffs on Chinese or EU imports, the ECB indicator for negotiated wages pointing to slower wage growth by year-end and the ECB’s last corporate survey suggesting a relatively weak employment outlook.

SONIA: The large Sonia condor trades for more

Feb-10 14:17

SFIM5 95.95/96.05/96.15/96.25c condor, bought for 2.5 and 2.75 in 28k total.

STIR FUTURES: BLOCK: SOFR Red Pack

Feb-10 14:17
  • 2,000 SOFR Red packs (SFRH6-SFRZ6) +0.015 at 0910:19ET. Appears to be swap-tied buying with spds running tighter in the vicinity