EU CREDIT RATING: ArcelorMittal (MTNA): Moody's Upgrade
Dec-04 09:27
"Moody's Ratings upgrades ArcelorMittal to Baa2; stable outlook" - Moody's
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FOREX: FX OPTION EXPIRY
Nov-04 09:15
Of note:
EURUSD 1.11bn at 1.1525.
NZDUSD 2.33bn at 0.5650/0.5675 (wed).
EURUSD 1.46bn at 1.1500 and 1.65bn at 1.1550 (thu).
USDJPY ~1bn at 153.00 (thu).
AUDUSD ~1bn at 0.6500 (fri).
- EURUSD: 1.1475 (651mln), 1.1525 (1.11bn).
- GBPUSD: 1.3150 (790mln).
- EURGBP: 0.8770 (547mln).
- USDCAD: 1.3980 (1.06bn).
EFSF ISSUANCE: New 5-year Nov-30 / 2.875% Jan-2035 tap: Final terms
Nov-04 09:08
New 5-year benchmark
- Spread set at MS+22bps (guidance was MS+24 bps area)
- Size: E3.0bln (E2.5-3.5bln)
- Books in excess of E13bln (ex JLM interest)
- Maturity: 11 November 2030
- ISIN: EU000A2SCAV2
2.875% Jan-2035 tap
- Spread set at MS+39bps (guidance was MS+42 bps area)
- Size: E1.5bln (middle of MNI's expected E1.0-2.0bln)
- Books in excess of E19bln (ex JLM interest)
- ISIN: EU000A2SCAS8
For both:
- Settlement: 11 November 2025 (T+5)
- Bookrunners: BNPP / BofA (DM/B&D) / NATWEST
- Timing: Books to close at 9:45GMT / 10:45CET
From market source/ MNI colour
GBP: Holds Reeves Speech Losses in Clearest Signal Yet Unpopular Policy Incoming
Nov-04 09:06
GBP is holding losses following the Reeves appearance (however is yet to turn negative against NZD, NOK and AUD), led by the lower, flatter Gilt curve on her appearance.
- While not drawn into details on the Budget measures specifically - it was certainly her clearest signal yet that sizeable tax rises are incoming (suggested by the statement of working in the national interest, rather than political popularity), as well as indicating her intention to pave the way with fiscal policy to allow for further BoE rate cuts.
- As noted just above, there is a Treasury update due in the Commons today and Reeves may have wanted to control the narrative with this speech, rather than being faced by opposition voices.
- What does this mean for GBP? GBPUSD has broken to a new pullback low - trading at comparable levels with the Liberation Day rally in April. This makes 1.3041, the Apr 14 low the area of interest ahead of 1.2971, the 1.382 proj of the Sep 17 - 25 - Oct 1 price swing.
