EM CEEMEA CREDIT: Coca-Cola Icecek: Q325: Strong margins, credit pos
Nov-05 09:39
(CCOLAT; -/BB+/BBB) * Improved pricing and cost controls domestically driving margins, profitabil...
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GERMAN T-BILL AUCTION RESULTS: 6/11-Month Bubills
Oct-06 09:34
| Type | 6-month Bubill | 11-month Bubill |
| Maturity | Apr 15, 2026 | Sep 16, 2026 |
| Allotted | E2.445bln | E1.859bln |
| Previous | E2.463bln | E1.375bln |
| Total sold | E3bln | E1.5bln |
| Target | E3bln | E1.5bln |
| Avg yield | 1.937% | 1.944% |
| Previous | 1.935% | 1.908% |
| Bid-to-cover | 1.45x | 2.91x |
| Previous | 1.66x | 3.81x |
| Bid-to-offer | 1.18x | 3.61x |
| Previous | 1.36x | 3.49x |
| Previous date | Sep 01, 2025 | Sep 08, 2025 |
GILTS: Bear Steepening On Global Cues
Oct-06 09:34
Gilts trade lower as steepening impetus from Japan (in the wake of the LDP Party naming a new leader & PM) and heightened political risk in France (as PM Lecornu steps down) weigh.
- Futures break Thursday’s low, basing at 90.48 before a recovery to 90.60.
- Bears remain in technical control at this stage, particularly with UK fiscal risks lingering.
- Initial support and resistance in futures still located at 90.26 & 91.28, respectively.
- Yields 1.5-5.0bp higher, curve steeper.
- 10s still comfortably within their recent 4.60-4.80% range, last 4.73%. Broader benchmark yields fail to test recent highs.
- 2s10s and 5s30s stick within their respective multi-week ranges, trading ~7bp and ~11bp below their cycle closing highs. Steepening trends intact.
- BoE-dated OIS still shows ~5bp of easing through year-end and is not discounting the next 25bp cut until the end of the April MPC.
- We continue to believe that markets underprice the odds of a Q4 rate cut.
- Comments from BoE Governor Bailey are due today.
- They will be closely scrutinised (even though he spoke as recently as Friday), particularly after Deputy Governors Ramsden & Breeden failed to push back against the idea of rate cuts last week.
- We have previously suggested that Bailey and those two Deputies would probably have to join dovish dissenters Dhingra & Taylor if we were to see a cut in Q4.
- Also note that the BoE will sell GBP775mln of short bucket gilts from its APF (3- to 7-Year) this afternoon.
BoE Meeting | SONIA BoE-Dated OIS (%) | Difference vs. Current Effective SONIA (bp) |
Nov-25 | 3.963 | -0.5 |
Dec-25 | 3.923 | -4.5 |
Feb-26 | 3.818 | -14.9 |
Mar-26 | 3.788 | -17.9 |
Apr-26 | 3.707 | -26.0 |
Jun-26 | 3.683 | -28.4 |
Jul-26 | 3.634 | -33.3 |
Sep-26 | 3.623 | -34.4 |
OPTIONS: Larger FX Option Pipeline
Oct-06 09:34
- EUR/USD: Oct07 $1.1650(E1.8bln), $1.1750(E1.2bln), $1.1820(E2.3bln); Oct08 $1.1700(E1.0bln), $1.1770-80(E1.2bln), $1.1800(E1.2bln)
- USD/JPY: Oct08 Y146.50($1.2bln), Y147.00($1.5bln)
