EGB OPTIONS: Bund Ratio Put Spread
Oct-02 10:06
RXX5 128/127ps 1x1.5, bought for 15 in 3k....
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GILT SYNDICATION: 4.75% Oct-35 gilt: Allocations
Sep-02 10:04
- Spread set earlier at 4.50% Mar-35 Gilt +8.25bp (guidance was +8.25/+8.75bps)
- Size: GBP14bln (MNI expected GBP8-12bln with risks skewed to the higher end given the large book size)
- Books closed in excess of GBP140bln (inc JLM interest of GBP12bln - second largest ever for a gilt)
- Hedge ratio: 100% vs 4.50% Mar-35 gilt (GB00BT7J0027)
- Maturity: 22 October 2035
- Expected Settlement: 3 September 2025 (T+1)
- Coupon: 4.750% SA, ACT/ACT, long 1st to 22 April 2026
- Benchmark: 4.50% Mar-35 Gilt (ISIN: GB00BT7J0027)
- ISIN: GB00BTXS1K06
- Bookrunners: HSBC / J.P. Morgan (DM/B&D) / Lloyds / Morgan Stanley / NatWest / UBS
- Timing: Hedge deadline 11:25BST
Details per market source and MNI colour
EGB SYNDICATION: 7/30-year BTP: Final terms: 7-year set at E13bln
Sep-02 10:02
7yr Tranche (New Nov-32 BTP)
- Spread Set at 3.25% Jul-32 BTP + 8.0bp (guidance was +10bps area)
- Orderbooks closed in excess of E110bln (incl. E7.5bln JLM interest)
- Size: E13bln (MNI expected E5-10bln with risks skewed to E7-8bln so this is much larger than expected)
- Maturity: 15 November 2032
- Coupon: Short first
- ISIN: IT0005668220
30yr Tranche (New Oct-55 BTP)
- Spread Set at 4.30% Oct-54 BTP + 6.0bp (guidance was +9bps area)
- Orderbooks closed in excess of E108bln (incl. E4.25bln JLM interest)
- Size previously set at E5bln (WNG)
- Maturity: 1 October 2055
- Coupon: Short first
- ISIN: IT0005668238
For both:
- Global books to close at 09:45am UKT / 10:45 CET
- Bookrunners: BBVA / Citi/ Deutsche Bank (B&D/DM) / J.P. Morgan SE / Morgan Stanley / Nomura
- Timing: Books closed, Allocations and pricing to follow
From market source / MNI colour
EU-RUSSIA: Meeting Slovakian PM, Putin Denies Oppo. To Ukraine EU Membership
Sep-02 10:00
Reuters and Russian state-run Tass reporting comments from President Vladimir Putin at his meeting with Slovakian PM Robert Fico in Beijing, China. Putin says "Europe's claims that Russia allegedly plans to attack it are a provocation or complete incompetence," adding, "Russia was forced to defend its interests and people in Donbass, this is the essence of the conflict in Ukraine".
- Putin claims that Russia "have never opposed Ukraine's European Union membership", but Ukrainian membership of NATO is "a different question" and "unnaceptable to Russia", adding "NATO tried to absorb almost the entire post-Soviet space, Russia was forced to react to this."
- Putin: "The Russian Federation has long tolerated attacks by the Ukrainian Armed Forces on its energy facilities, and now it has begun to respond seriously."
- The president adds that he discussed with Trump in Alaska options for ensuring Ukraine's security after the end of the conflict, and he is confident in the possibility of finding a consensus on the issue of ensuring Ukraine’s security.
- In a rare meeting with an EU head of gov't, Slovakian PM Robert Fico says that his gov't will vote against the European Council's adoption of the Repower EU plan, which implies abandoning fossil fuels from Russia by 2027. Fico says Slovakia remains interested in energy cooperation w/Russia on O&G.
- Such actions risk a significant pushback from Brussels and other EU member states, and will feature prominently in Fico's in-person talks with Ukrainian President Volodymyr Zelenskyy in eastern Slovakia on Friday, 5 Sep.
