POWER: Estlink 2 Returns from Outage
Jun-19 09:03
The unplanned curtailment of 658MW at the 1.02GW Estlink 2 interconnector between Finland and Estoni...
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GILTS: Block trade
May-20 09:00
Gilt Block trade is spread related:
- G M5 8k at 91.80.
- G U5 4k at 91.80 and 4k at 91.81.
First notice for Gilt is the 29th May, these should start to pick up into the end of this week.
MNI: EUROZONE MAR CONSTRUCTION OUTPUT +0.1% M/M, -1.1% Y/Y
May-20 09:00
- MNI: EUROZONE MAR CONSTRUCTION OUTPUT +0.1% M/M, -1.1% Y/Y
STIR: Year-end BOE Implied Rates Rangebound Through Pill's Remarks
May-20 08:59
Little material reaction in GBP STIRs to BOE Chief Economist Pill’s opening remarks. Although Pill thinks the MPC started easing too early, he viewed May as the appropriate moment for a skip and seems to still broadly support quarterly cuts going forward. The Q&A is ongoing.
- That leaves BOE-dated OIS pricing ~44.5bps of cuts through year, still up from 42bps at the open.
- The next full 25bp cut is essentially fully priced through September (24bps priced), with OIS assigning a ~70% implied probability of a 25bp cut at the next MPR/projection meeting in August.
- SONIA futures are flat to +3.0 ticks through the blues.
| Meeting Date | SONIA BoE-Dated OIS (%) | Difference Vs. Current Effective SONIA Rate (bp) |
| Jun-25 | 4.199 | -1.2 |
| Aug-25 | 4.038 | -17.3 |
| Sep-25 | 3.969 | -24.2 |
| Nov-25 | 3.835 | -37.5 |
| Dec-25 | 3.766 | -44.5 |
| Feb-26 | 3.677 | -53.4 |
| Apr-26 | 3.661 | -55.0 |
| Jun-26 | 3.624 | -58.7 |
| Source: MNI/Bloomberg |
