EU UTILITIES: Cadent (CDTFIN): New Issue FV
- MNI FV: UKT+110a.
- IPT: GBP250m WNG Long 10Y Green UKT+125a.
- We see FV at Z+163a, extrapolating from the most recent GBP 36s. Note the other surrounding bonds trade with 70 handles.
- Bookrunners: BofA Securities, Crédit Agricole CIB, NatWest (B&D).
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GILT AUCTION RESULTS: 1.125% Sep-35 Linker
| 1.125% Sep-35 Linker | Previous | |
| Amount | GBP0.90bln | GBP1.50bln |
| Avg yield | 1.432% | 1.571% |
| Bid-to-cover | 4.81x | 2.94x |
| Avg price | 97.230 | 95.925 |
| Pre-auction mid | 96.850 | 96.110 |
| Previous date | 28-Oct-25 |
SOFR: SFRM6/Z6 Sold
Recent trade in SFRM6/Z6 sees 3K given at -24.0.
COMMODITIES: Recent Gains for WTI Futures Appear Corrective, For Now
The trend structure in WTI futures remains bearish and recent gains still appear corrective - for now. Moving average studies are in a bear-mode position, highlighting a dominant downtrend. However, note that resistance at the 50-day EMA, at $58.37, has been breached. This signals scope for a stronger corrective phase. Key resistance is at $61.25, the Oct 24 high. Clearance of this level would highlight a stronger reversal. The trend structure in Gold remains bullish and Monday’s strong start to this week’s session reinforces current conditions. Gold has cleared resistance at $4549.9, the Dec 26 high, to confirm a resumption of the primary uptrend. Sights are on the $4630.7 next, a Fibonacci projection. Initial firm support to watch lies at $4406.1, the 20-day EMA. A break of the average would signal the start of a corrective phase.
- WTI Crude up $1.19 or +2% at $60.72
- Natural Gas down $0.02 or -0.7% at $3.387
- Gold spot down $11.45 or -0.25% at $4587.21
- Copper up $1 or +0.17% at $604.45
- Silver up $0.37 or +0.43% at $85.5179
- Platinum down $5.8 or -0.25% at $2337.54
