EU UTILITIES: HIME (SAUR NR/BB+/BB+): FY24 Results
Mar-26 16:56
In line with guidance. Continued deleveraging is welcome.
- HIME reported revenue +4% YoY. 1H was +11% YoY.
- EBITDA was +11% YoY, in line with 1H. EBITDA margins improved 1.2ppts mainly due to cost savings.
- FCF was breakeven, leaving reported leverage down to 4.9x from 5.9x at 1H24.
- It sees “robust” organic growth, further cost savings benefitting margins and continued deleveraging in FY25.
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ITALY AUCTION PREVIEW: On offer this week
Feb-24 16:56
MEF has announced it will be looking to sell the following at its auction this Thusday, February 27:
- E3.25-3.75bln of the new 2.95% Jul-30 BTP (ISIN tba, in line with our expectations)
- E2.5-3.0bln of the 3.65% Aug-35 BTP (ISIN: IT0005631590)
- E2.5-2.75bln of the 1.10% Apr-33 CCTeu (ISIN: IT0005620460)
STIR: BLOCK: June'25 SOFR Ratio Call Spread
Feb-24 16:55
- 1,250 SFRM5 95.87/96.00 4x5 call spds, 4.0 net (4-leg over), vs. 95.865/0.26% at 1148:16ET
US 10YR FUTURE TECHS: (H5) Key Resistance Remains Exposed
Feb-24 16:42
- RES 4: 110-25 High Dec 12
- RES 3: 110-19 76.4% retracement of the Dec 6 - Jan 13 bear leg
- RES 2: 110-14 High Dec 14
- RES 1: 109-28+/110-00 High Feb 24 / 7 and the bull trigger
- PRICE: 109-25 @ 16:32 GMT Feb 24
- SUP 1: 108-21+ Low Feb 19
- SUP 2: 108-04/00 Low Feb 12 / Low Jan 16
- SUP 3: 107-06 Low Jan 13 and the bear trigger
- SUP 4: 107-04 Low Apr 25 ‘24 and a key support
Treasury futures are building on the recent recovery. The resumption of the move higher exposes the next important resistance and a bull trigger at 110-00, the Feb 7 high. Clearance of this level would strengthen a bullish theme and open 110-19, a Fibonacci retracement. On the downside, key short-term support has been defined at 108-04, the Feb 12 low. Clearance of this support would reinstate a bearish theme.
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