POWER: EdF Cuts Cruas 4 Output on Strike
Oct-01 12:51
EdF has curtailed output at the 915MW Cruas 4 nuclear reactor to 238MW on Wednesday from 14:44 - 22:...
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EGB FLOWS: Latest notable calendar spreads
Sep-01 12:46
The Vast majority of the Volume is spread related in Eurex, Investors are taking advantage of the lighter start of the Week to roll their September Position into December, latest notable clips size are:
- Schatz is sold at -10 in 12.5k, was bought few minutes ago for -9.5 in 12.5k.
- Bobl trades on legs at mid price, -64.5 in 12k.
OIL: A touch Firmer, Recent Ranges Intact
Sep-01 12:43
Benchmark crude oil futures have added ~$0.80 on the day, during holiday-thinned trade, but remain within the ranges witnessed over the last week or so.
- Our commodities team have noted that crude is supported by Russian supply concerns and Indian demand.
- A softer USD also supported crude in early trade, but the greenback has corrected from worst levels.
EFSF ISSUANCE: Apr-29 / Feb-34 Tap Dual Tranche: Priced
Sep-01 12:42
E1.0bln tap of the 3.5% Apr-29:
- Spread set previously at MS+9 (guidance was MS+10bps area)
- Reoffer 104.041 to yield 2.311%
- Bund ref: DBR 0.25 02/15/29 + 24.6bps (bid: 94.012; HR: 111%)
- Coupon: 3.500% (150 days accrued), Annual ACT/ACT
- Maturity: 11 April 2029
- ISIN: EU000A2SCAL3
- Timing: Priced. TOE: 13:58 CET. FTT immediately.
E1.0bln tap of the 2.875% Feb-34 tap:
- Spread set previously at MS+33 (guidance was MS+34bps area)
- Reoffer 99.599 to yield 2.928%
- Bund ref: DBR 2.2 02/15/34 + 30.3bps (bid: 96.81; HR: 100%)
- Coupon: 2.875% (207 days accrued), Annual ACT/ACT
- Maturity: 13 February 2034
- ISIN: EU000A2SCAN9
- Timing: Priced. TOE: 14:01 CET. FTT immediately.
Across both tranches:
- Size combined: E2.0bln (follows E3.5bln maximum combined set earlier, MNI expected E3bln but saw a chance of a smaller transaction)
- Books: closed in excess of €6.5bn (inc. €500m JLM)
- Settlement: 8 September 2025 (T+5)
- Bookrunners: LBBW / NOMURA (DM/B&D) / TD
- Denoms: EUR 1,000 x 1,000
- Target market: Professionals / Eligible Counterparties only (all distribution channels), each as defined in MiFID II
- Issuer: European Financial Stability Facility (EFSF)
- Ratings: Aaa (stable) / AA- (stable) / AA-
- Risk Weighting: 0%
- Format: RegS / Bearer Notes (TEFRA rules apply, no communications with or into the U.S.)
As per market source.
