POWER: German Spot Power Index Settles in Negative Territory
Oct-03 11:06
The German and French spot power indices fell sharply for Saturday’s delivery, weighed on by lower demand and strong wind output, with Germany’s base-load and peak-load spot indices settling in negative territory. The German market settled at a discount to the France for the first time since mid-September.
- The German day-ahead base load on the Epex Spot declined to -0.29€/MWh, compared with €66.67/MWh in the previous session.
- The German peak-load spot index fell to -0.14€/MWh, compared with €65.84/MWh the day before.
- Day-ahead 15-minute prices fell as low as -5.02€/MWh.
- German wind output is forecast at 44.87GW during base load on Saturday and at 46.1GW on Sunday, up from 18.28GW on Friday. Solar PV output is forecast at 6.64GW during peak load on Saturday and at 10.16GW on Sunday, from 19.12GW on Friday.
- Residual load in Germany is forecast at -4.92GWh/h on Saturday and at -11.53GWh/h on Sunday, down from 17.82GWh/h on Friday.
- German gas demand for residential and commercial consumers is forecast at 74.2mcm/d on Saturday and at 68.1mcm/d on Sunday, from 85mcm/d on Friday.
- Power demand in Germany is forecast to decline to 44.34GW on Saturday and at 44.71GW on Sunday, down from 46.56GW on Friday.
- The French day-ahead base load on the Epex Spot settled at €4.62/MWh, compared with €46.58/MWh in the previous session.
- The French peak-load spot index settled at €4.51/MWh, compared with €56.69/MWh in the session before.
- French nuclear availability edged down to 78% of capacity as of Friday morning, down from 79% on Thursday.
- French nuclear availability is forecast at 38.74GWh/h on Saturday and at 40.93GWh/h on Sunday.
- Wind output in France is forecast at 14.65GW during base load on Saturday and at 10.44GW on Sunday, compared with 7.04GW on Friday. Solar PV output is forecast at 5.17GW during peak load on Saturday and at 7.99GW on Sunday, up from 3.78GW on Friday.
- Residual load in France is forecast at 22.49GWh/h on Saturday and at 23.82GWh/h on Sunday, from 37.28GWh/h on Friday.
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PIPELINE: Corporate Bond Update: $2B AIIB Launched
Sep-03 11:05
- Date $MM Issuer (Priced *, Launch #)
- 09/03 $2B #AIIB 3Y SOFR+31
- 09/03 $Benchmark OKB 5Y SOFR+43
- 09/03 $Benchmark Nordea Bank Perp Nov'33 7.25%a
- 09/03 $Benchmark The Commercial Bank (PSQC) 5Y +125a
- 09/03 $Benchmark Turkie Wealth Fund +5Y 7.625%a, 10Y 8.735%a
PIPELINE: Corporate Bond Roundup: September Kicked of With Record 28 Issuers
Sep-03 11:04
A record 28 companies issued $50.95B in debt Tuesday. The record for largest single day issuance, however, is $59.55B on Monday, January 6 of this year from 25 companies & supra sovereigns.
- 09/02 $6B Merck $750M 2Y +25, $500M 2Y SOFR+46, $750M 5Y +45, $1B 7Y +58, $1.75B 10Y +68, $1.25B 30Y +75
- 09/02 $5.5B *Kingdom of Saudi Arabia Sukuk $2.25B 5Y +65, $3.25B 10Y +75
- 09/02 $4.5B *Cigna $1B 5Y +80, $1.25B 7Y +90, $1.5B 10Y +100, $750M 30Y +110
- 09/02 $4B *MUFG $1B 6NC5 +80, $1B 6NC5 SOFR+113, $1B 11NC10 +93, $1B PerpNC10 6.35%
- 09/02 $2.5B *CIBC $850M 3NC2 +60, $650M 3NC2 SOFR+80, $1B 6NC5 +85
- 09/02 $2B *Royalty Pharma $600M +5Y +93, $900M 10Y +118, $500M 30Y +128
- 09/02 $2B *Volkswagen Grp $700M 2Y +82, $700M 3Y +95, $600M 5Y +112
- 09/02 $2B *Toyota Cr $800M 3Y +47, $500M 3Y SOFR+72, $700M 7Y +68
- 09/02 $1.75B *Brazil $750M 11/30 tap 5.2%, $1B 30Y +7.5%
- 09/02 $1.75B *Sumitomo Mitsui $750M 3Y SOFR+75, $500M 5Y +65, $500M 11NC10 +115
- 09/02 $1.65B *Mitsubishi $300M 3Y +45, $400M 3Y SOFR+70, $500M 5Y +50, $400M 10Y +65
- 09/02 $1.65B *American Honda $700M 3Y +65, $300M 3Y SOFR+90, $650M 5Y +80
- 09/02 $1.5B *BHP Billiton $500M +10Y +77, $1B 30Y +83
- 09/02 $1.5B *HSBC 11NC10 +147
- 09/02 $1.5B *ING PerpNC7 7.0%
- 09/02 $1.35B *Jersey Central Power $350M +3Y +55, $500M +5Y +70, $500M +10Y +90
- 09/02 $1.25B *Ford Motor Cr 5Y +198
- 09/02 $1.25B *Credit Agricole PerpNC10 7.125%
- 09/02 $1.2B *Kodiak Gas $600M 8NC3 6.5%, $600M 10NC5 6.75%
- 09/02 $1B *Norinchukin $500M 5Y +93, $500M 10Y +108
- 09/02 $1B *Guardian Life $550M 3Y +45, $450M 7Y +70
- 09/02 $750M *Nomura 10.75NC5.75 +130
- 09/02 $650M *Ares Capital +5Y +160
- 09/02 $600M *Antofagasta 10Y +140
- 09/02 $600M *First Citizens 10NC5 +185
- 09/02 $500M *Jackson National Life 5Y +85
- 09/02 $500M *Alabama Power +5Y +60
- 09/02 $500M *Orix Corp 5Y +75
EGB SYNDICATION: Lithuania Long 10 / 20-year LITHUN: Update
Sep-03 11:02
Long 10-year:
- Guidance revised to MS + 95-100bp (WPIR). (Initial guidance was MS+105bp area)
- Size: EUR benchmark (MNI pencils in E1bln)
- Maturity: 10 March 2036
- Coupon: Short first
- ISIN: XS3175946071
20-year:
- Spread set at MS +140bp (guidance was MS+145bp area)
- Size: EUR benchmark (MNI pencils in E1bln)
- Maturity: 10 September 2045
- ISIN: XS3175947046
For both:
- Combined books in excess of E2.7bln, with skew to the L10Y (excl. JLM interest)
- Bookrunners: Erste Group, HSBC and Societe Generale
- Settlement Date: 10 September 2025 (T+5)
- Timing: Books to close at 13:00BST / 14:00CET
From market source / MNI colour
