RENEWABLES: German Wind Output Forecast Comparison

• Steepener Block crossed at 1001:36ET, $330,000 DV01:
• +7,150 FVZ5 109-08.75, buy through 109-08.5 post time offer vs.
• -5,000 TYZ5 112-04 - post time offer

30-Year gilts outperform Tsys and Buxl on the day, with Tsys impacted by ongoing questions surrounding Fed independence, while the Buxl has been impacted by spill over from French political risks/OAT weakness.

• Gilts have perhaps received some insulation after DMO consultation minutes showed ongoing appetite for a shortening of the WAM on offer on the part of both gilt investors and GEMMS.
• Note that 30-Year gilt yields have been unable to retest multi-decade highs registered back in April (5.659%).
• Meanwhile, gilt futures have rebounded from fresh cycle lows registered just after the open.

• Date $MM Issuer (Priced *, Launch #)
• 08/27 $3B #Ontario 5Y SOFR +52
• 08/27 $2B *ESM 5Y SOFR +39
• 08/27 $1.25B Saudi Awwal 10NC5 +220