BASIC INDUSTRIES: Amcor (AMCR Baa2*-/BBB/BBB+): 3Q25 Results

Riksbank's new FX strategic allocation importantly sees an unchanged approach to FX hedging - meaning the Riksbank remain in a "good balance" between contingency planning as well as risk and return.

• Their new FX allocation boosts USD exposure, drops EUR and NOK, maintains GBP and AUD: 70% USD (from 62%) EUR at 17.5% (from 22%), GBP unchanged at 5%, AUD unchanged at 5%, NOK at 2.5% (from 3%)

This morning, Germany will hold its fourth Schatz auction of the year. On offer will be E4.5bln of the 2.20% Mar-27 Schatz.

• The E4.5bln size is in line with the last Schatz auction on March 11.
• Recent Schatz auctions have passed mostly smoothly, with solid bid-to-covers (in a 2.09x to 2.81x range since August), bid-to-offers (1.69x to 2.17x range since August) - the low prices were above the secondary market mid-prices throughout 2024/5 before the February 18 Schat auction saw them equal to each other, and then the low price was lower than the mid-price last time - both auctions appeared to have not seen an adverse market reaction, however.
• For the last Schatz auction on 11 March, the bid-to-cover stood at 2.37x, while the bid-to-offer came in at 1.84x.
• The next German auction will be tomorrow's E4.5bln of the 2.50% Feb-35 Bund (ISIN: DE000BU2Z049), while a new Jun-27 Schatz will be reopened next on April 22, for E5.0bln.
• Timing: Results will be available shortly after the bidding window closes at 10:30GMT / 11:30CET.

• MNI: UK MAR FINAL MANUF PMI 44.9 (FLASH: 44.6); FEB 46.9