G7: France FM Spox: G7 & GCC To Meet Next Week On Hormuz Crisis
Apr-02 13:20
France's Foreign Ministry spokesperson Pascal Confavreux has confirmed that representatives from the...
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UK FISCAL: Higher FY25/26 CGNCR, Lower UKTB: Led to Higher FY26/27 Gilt Remit
Mar-03 13:16
- CGNCR forecast for FY25/26 was GBP4.5bln lower in the Autumn Budget forecast at GBP144.7bln. This is higher than all of the analyst forecasts that we had seen (median GBP135.9bln so almost GBP10bln higher than the median) with the highest forecast we had seen GBP139.3bln).
- CGNCR forecast for FY26/27 is GBP137.2bln. This is exactly in line with the median forecast from the previews that we read.
- So it is a combination of the highest CGNCR from FY25/26 (and hence smaller overfund passing through to FY26/27) and the smaller than expected GBP5.0bln T-bill contribution that have led to the gilt remit coming in around GBP10bln higher than expected (despite a higher NS&I funding target in both FY25/26 and FY26/27).
SONIA OPTIONS: More Dovish Flow Seen
Mar-03 13:15
Further dovish flow seen in recent trade:
- SFIM6 96.65/96.75 call spread vs. 96.40/96.30 put spread paper paid -1.75 on 30K for the call spread
- SFIU6 96.55/96.65/96.75/96.85 call condor paper paid 1.75 on 12K
- SFIZ6 96.65/96.75 call spread vs. 96.25/96.15 put spread paper paid 1.75 on 10K for the call spread.
EURIBOR OPTIONS: Large Call Condor
Mar-03 13:13
ERU6 97.9375/98.0625/98.1875/98.25c condor, bought for 2 in 20k.
