EM CEEMEA CREDIT: DNONO: USD 400mn 60NC5.5 Hybrid - Final

Jun-05 13:35

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DNO ASA - New Issue - Final (DNONO: NR) USD 400mn 60NC5.5 hybrid IPT: 10.75%-11% FV: 10.75% Fin...

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US TSY OPTIONS: Jul'25 10Y Puts, Block & Screen

May-06 13:34
  • Block, 10,000 TYN5 108.5 puts, 15 vs. 111-04/0.19%
  • 7,300 TYN5 109 puts, 22 ref 111-07

EQUITIES: US Cash Opening calls

May-06 13:27

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GERMANY: Merz Faces Second Chancellor Confirmation Vote Shortly

May-06 13:09

Freidrich Merz faces a second vote in the Bundestag shortly at 1515CET (0915ET, 1415BST) as he seeks the required absolute majority to be confirmed as Germany's new chancellor. In a day of high political drama, in an earlier vote Merz won the backing of just 310 lawmakers, short of the 316 required. Should he prove unsuccessful in the second vote a third vote will take place immediately afterwards, in which a simple majority will suffice to see him elected. 

  • FAZ reports "SPD party leader Lars Klingbeil was the first to speak: "It is important that Germany gets a reliable government." He expected "that the necessary majority will be achieved in the second round of voting for Friedrich Merz to be our country's next Chancellor.""
  • The unprecedented nature of the unsuccessful vote (none of Germany's post-war chancellors have ever failed to win a first-round absolute majority) has meant a significant amount of speculation regarding the timing of the second vote, with initial expectations that it could take place this coming Friday proved wrong as Merz's centre-right Christian Democratic Union/Christian Social Union and the centre-left Social Democrats secured support from opposition groups for an expedited election process.
  • Even if Merz wins in the second round, the initial failure to secure a majority will cast a shadow over the new gov't and highlights divisions within both participating groups. Some on the left of the SPD remain opposed to a deal with the conservatives, while Merz also has pockets of opposition within his own party.