EU CONSUMER CYCLICALS: Flutter | Price Talk
May-22 14:33
(Secured 29s; Ba1/BBB- Pos/BBB)
Books close 4pm London.
As we see value in Flutter secondary (i.e. 29s) we see no issue on new line pricing at 4%/-10 though FV. Sterling has sensibly come in from IPT.
Total size $2.3b (€2b):
- €550m 6NC2 4-4.25% vs. FV 4.1%
- £450m 6NC2 6.25% (+/-12.5) vs. FV 6.1%
- $1b 6NC2 5.875-6%
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POILIEVRE SAYS CONSERVATIVES TO CUT CANADA DEFICIT BY 70%
Apr-22 14:33
- POILIEVRE SAYS CONSERVATIVES TO CUT CANADA DEFICIT BY 70%
- CONSERVATIVES PLEDGE CAD31.4B CANADA DEFICIT THIS FISCAL YEAR
- POILIEVRE SAYS DEFICIT SHRINKS TO CAD14.2B IN FISCAL 2028-29
GILT AUCTION PREVIEW: On offer next week
Apr-22 14:31
The DMO has announced it will be looking to sell GBP900mln of the 1.25% Nov-54 linker (ISIN: GB00BPSNBG80) at its auction next Tuesday, April 29.
EUR: Lagarde Suggests EUR Strength is "Counterintuitive"
Apr-22 14:25
Lagarde seemingly suggesting the euro strength has run beyond fundamentals and is "counterintuitive", however she adds that EUR strength reflects Europe's fundamentals. She last commented on the currency as being stronger due to "resilient market sentiment" on April 17th, back when EUR/USD traded ~1.1375.
- We noted earlier that EUR had traded a record high in trade-weighted terms - and while it's unsurprisingly the most stretched DM currency vs historical ranges, GBP, CHF and SEK (just) see a more elevated REER relative to its five-year average. GBP leads on this alternative approach, sitting 6.2% and 7.5% higher than five- and ten-year averages vs 3.9% and 4.7% for the euro.
