TURKEY: CEO of Isbank Calls for Swift Return of Rate Cuts
May-07 12:10
- The CEO of Isbank, Hakan Aran, said Turkey should consider the situation in the manufacturing industry while continuing its fight against inflation, Ekonomi report. Aran said the current economic program should evolve to a more cohesive and balanced one, while rate cuts should be considered as of the July rate-setting meeting. He added that rates should go back to the 42.5% level quickly “if we care about real sector.”
- Ekonomi run a piece in which they note that following the turmoil in financial markets in March, the central bank’s initial steps to address falling confidence in the lira pushed up the shortest-term deposit rates, while the belief that high policy rates would persist boosted rates on deposits with terms of up to 3 months.
- Fitch Ratings will host a webinar on the Turkish economy today at 15:00BST/17:00 local time.
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STIR: Repo Reference Rates
Apr-07 12:07
- Secured Overnight Financing Rate (SOFR): 4.35% (-0.04), volume: $2.587T
- Broad General Collateral Rate (BGCR): 4.33% (-0.04), volume: $1.005T
- Tri-Party General Collateral Rate (TCR): 4.33% (-0.03), volume: $968B
- (rate, volume levels reflect prior session)
SPAIN AUCTION PREVIEW: On offer this week
Apr-07 12:01
Tesoro Publico has announced it will be looking to sell a combined E5.5-6.5bln of the following Bono/Oblis at its auction this Thursday, April 10:
- the 3.50% May-29 Bono (ISIN: ES0000012M51)
- the 2.55% Oct-32 Obli (ISIN: ES0000012K61)
- the 3.15% Apr-35 Obli (ISIN: ES0000012O67)
Tesoro Publico has additionally announced it will be looking to sell a combined E5.5-6.5bln of the following letras at its auction tomorrow, April 8:
- the 6-month Oct 10, 2025 letras
- the new 12-month Apr 10, 2026 letras
US TSY FUTURES: BLOCK: Jun'25 2Y Sale
Apr-07 11:50
- -2,500 TUM5 104-06.62, sell through 108-75 post time bid at 0738:00ET, DV01 $92,000. The 2Y contract trades 104-07.38 last.
