EGB SYNDICATION: Austria triple tranche: Final terms
Jan-18 13:21
New 10-year
- Maturity: 20 February 2034
- Size: E4.5bln inc E250mln retention (MNI expected E4-6bln)
- Books closed in excess of E28bln (inc E2.05bln JLM interest)
- Spread set earlier at MS+22bps (guidance was MS+23bps area)
- ISIN: AT0000A39UW5
- Coupon: Ann ACT/ACT, long first 20Feb25
5-year May-29 Green RAGB tap:
- Size: E1.25bn (in E250mln retention)
- Books closed in excess of E12bln (inc E2.85bln JLM interest)
- Spread set earlier at MS-5bps (guidance was MS-3bps area)
- ISIN: AT0000A33SH3
25-year May-49 Green RAGB tap:
- Size: E1.25bn (in E250mln retention)
- Books closed in excess of E24bln (inc E4.4255bln JLM interest)
- Spread set earlier at MS+56bps (guidance was MS+59 bps area)
- ISIN: AT0000A2Y8G4
For all:
- Bookrunners: BARC(B&D/DM) / BofA / CITI / DB / JPM / Raiffeisen Bank International
- Timing: Allocations to follow.
From market source
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BOE: Breeden's "low inflation (weak demand)" scenario is broadly in line with market pricing
Dec-19 13:15
- Looking through the Breeden speech - she points to a couple of different scenarios and where Bank Rate would need to go to bring inflation back to target - in her high inflation scenario with second-round effects, Bank Rate would need to peak close to 7% in late-2025.
- In her low inflation (weak demand) scenario she sets out a scenario which sees Bank Rate only falling back to a bit above 4% by the end of 2025 and 3% by the middle of 2026.
- She doesn't set out her base case - and her low inflation scenario is broadly in line with market pricing by the end of 2024.
- So she doesn't endorse market rates, and she basically is implying that market rates would need to see the lowest possible "likely" scenario.
BONDS: Italian 10yr Yield clears the 2023 low.
Dec-19 13:13
- BTP and OAT are still leading, but French 10yr futures lags somewhat, as Italian 10yr Yield continues to clear the 2023 low.
- The French 2.53% March low in 10yr Yield still holds, equates to 131.85, so far printed a 2.538% low.
- BTP/Bund spread is now 4bps tighter and still eyeing the 160.00bps mark next.
MNI EXCLUSIVE: INTERVIEW: Clearing Rule To Boost Treasury Liquidity
Dec-19 13:10
MNI interviews Stanford Graduate School of Business economist Darrell Duffie about new rules on Treasury clearing -- on MNI Policy MainWire now, for more details please contact sales@marketnews.com.
