EU FINANCIALS: HSBC - £ B'mark Sr Bail in 8NC7 - FV
May-15 08:14
- IPT: UKT+160 (UKT 1% 32 Z+35)
- FV: UKT+125 - Z+160 (UKT 1% 2032 - Z+35) 5bps wide of HSBC 5.29% 2032 - We could still see value here in HSBC against similarly rated SWEDA or RABOBK
- Exp. Ratings: A3/A-/A+
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UK: US VP Vance Talks Up Possible Trade Deal
Apr-15 08:13
In an interview with UnHerd, US Vice President JD Vance talks up the prospect of a trade deal being struck with the UK. Vance says, “We’re certainly working very hard with Keir Starmer’s government” [on a trade deal], adding, “I think there’s a good chance that, yes, we’ll come to a great agreement that’s in the best interest of both countries”. Vance also talks up the US' "cultural affinity" with the UK and President Donald Trump's admiration for the British royal family.
- UK Minister of State for Industry Sarah Jones said earlier to the BBC she agrees with Vance that the UK is "in a good position", but does not want to provide a "timeline" for an agreement, saying that "conversations are still taking place".
- A major stumbling block to any deal will be rules regarding animal welfare, food safety, and environmental standards. Secretary of State for Business and Trade Jonathan Reynolds said on 13 April, "We will never change our SPS (sanitary and phytosanitary) food standards. We've made that perfectly clear to the United States". A White House statement from earlier in April said that “The UK maintains non-science-based standards that severely restrict US exports of safe, high-quality beef and poultry products.”
MNI: ECB Q1 ENTERPRISE CREDIT STANDARD +3
Apr-15 08:00
- MNI: ECB Q1 ENTERPRISE CREDIT STANDARD +3
- MNI: ECB Q1 ENTERPRISE DEMAND -3
- MNI: ECB Q1 HOUSE PURCHASE STANDARDS -7
- MNI: ECB Q1 HOUSE PURCHASE DEMAND +41
- MNI: ECB Q1 CONSUMER CREDIT STANDARDS +3
- MNI: ECB Q1 CONSUMER CREDIT DEMAND +10
SWAPS: Long End German ASW Extend Recent Outperformance
Apr-15 07:50
The long end of the ASW curve extends the outperformance seen in recent days, spreads vs. 3-month Euribor -2.2bp to +1.7bp.
- The pullback from cycle extremes in Schatz/Buxl ASW spread continues, with legacy short positions in long end ASWS being put under more pressure as the likes of Buxl ASW vs. 3-month Euribor consolidate above pre-“whatever it takes” German fiscal development levels.
- Cross-market cues also eyed after this week’s stabilisation in wider sentiment counters some of last week’s ASW widening.
