UK: FT-Transport Min Calls On PM Starmer To 'Set Timetable For Departure'

• Date $MM Issuer (Priced *, Launch #)
• 05/20 $3.5B *Canada 5Y +2, yld 4.3%
• 05/20 $1B *Japan Int Co-Op Agy (JICA) 5Y SOFR+49
• 05/20 $1B *IDB Invest 5Y SOFR+35
• 05/20 $1B Finnvera 5Y SOFR+37a
• 05/20 $500M *Yapi Kredi PerpNC5.5 9.375%
• 05/20 $Benchmark Hydro One 5Y +80a
• 05/20 $Benchmark Molson Coors 5Y +, 10Y +
• 05/20 $Benchmark Southern Co 30.25NC5 6.5%a
• 05/20 $Benchmark Columbia Pipelines 10Y +120a
• 05/20 $Benchmark PNC Financial +3NC2 +80a, +3NC2 SOFR
• Expected this week:
  • 05/21 $750M FMC Corp 5NC2

• EUR 1Y1Y has dipped back below 3.00% as Brent touched session lows following reports suggesting progress toward a US-Iran agreement.
• Much like its UK counterpart, the EUR 1Y1Y forward has tracked Brent crude closely since the onset of the conflict. Consequently, geopolitical escalations and rising oil prices have driven a bear-flattening of the money market curve, while easing tensions have prompted the reverse.
• A concurrent ECB sources report flags that a hike next month is nearly sealed, while the central bank is likely to remain noncommittal about any moves beyond June. This cautious stance comes as the inflation outlook shifts toward the ECB's adverse scenario, with a comprehensive US-Iran resolution having been elusive.
• Despite today’s retracement, 1Y1Y remains near its highs, which arguably overprices a restrictive ECB path, especially given that front-loaded tightening risks acting as a severe drag on economic activity.
• A prolonged US-Iran impasse will continue to weigh down European domestic demand via falling real incomes. Simultaneously, industry faces the dual threat of surging energy costs and renewed supply-chain disruptions.
• Tomorrow’s flash PMIs should underscore these growing economic headwinds, potentially counterbalancing the prevailing hawkish inflation narrative. Weak data could challenge current market pricing, particularly if corporate input cost pass-through shows signs of flattening out.

Tsy Jun/Sep quarterly futures roll volumes - latest levels below. Percentage complete appr 10% across maturities. The Sep'26 contract takes lead on the "First Notice" date of Friday, May 29. Current roll details:

• TUM6/TUU6 appr 399,600 from 2.25 to 2.88, 2.38 last; 10% complete
• FVM6/FVU6 appr 311,500 from 4.0 to 4.25, 4.62 last; 12% complete
• TYM6/TYU6 appr 478,900 from 8.75 to 9.75, 9.0 last; 13% complete
• UXYM6/UXYU6 141,700 from 10.25 to 10.75, 10.25 last; 9% complete
• USM6/USU6 appr 52,800 from 17.25 to 18.0, 17.25 last; 8% complete
• WNM6/WNU6 appr 32,100 from 13.25 to 13.75, 13.25 last; 9% complete
• Reminder, Jun'26 futures don't expire until next month: 10s, 30s and Ultras on June 18, while 2s and 5s expire on June 30. Meanwhile, Jun'26 Tsy options will expire Friday, May 22.