REFINING: Refinery in Iran Reports Explosion
Mar-07 09:35
An explosion occurred on Thursday at Iran’s 20kbpd Aftab oil refinery in Bandar Abbas, not at the large 320kbpd Bandar Abbas refinery, IRNA said via X.
- The Aftab Oil Refining Company announced that two people were injured in an accident during the repair of one of the furnaces, IRNA said.
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US TSYS: Off Best Levels, Light Bull Steepening Seen
Feb-06 09:35
Cues from EGBs and gilts (initially driven by supply burden and stronger-than-expected German factory orders data) saw Tsys back from Asia-Pac highs, before the recently released ECB inflation expectations survey helped limit the pullback.
- That leaves TYH4 +0-05 at 110-30, around the middle of its 0-09 range.
- Volume in the contract sits at a healthy ~236K, albeit comfortably shy (~50%) of levels seen at this juncture on Monday.
- Cash Tsy yields are 0.5-3.0bp lower across the curve, with some bull steepening observed.
- FOMC-dated OIS shows ~4.5bp of cuts through the March meeting, little changed vs. levels seen at this time yesterday. Meanwhile, ~118bp of cuts are currently priced for ’24, back from Monday’s extreme of ~113bp of cuts over that horizon.
- Looking ahead, Fedspeak from Mester, Collins & Kashkari will be seen in NY hours, while 3-Year Tsy supply will provide a litmus test for demand after the recent run higher in Tsy yields.
GILT AUCTION PREVIEW: 1.50% Jul-53 Green Gilt
Feb-06 09:25
- The DMO is in the market this morning to sell GBP2.5bln of the 30-year 1.50% Jul-53 green gilt.
- This green gilt has been reopened twice already this fiscal year (for GBP2.0bln in July and GBP2.25bln in October) with bid-to-covers of 2.64x and 2.83x respectively and tails of 0.3bp and 1.0bp respectively.
- The auction falls two weeks after the syndicated launch of the new 30-year conventional 4.375% Jul-54 gilt which saw very strong demand with books of GBP77.8bln for the GBP6.0bln sold.
- We expect to see continued strong demand evident in the bid-to-cover this week, but have less conviction surrounding the tightness of the tail.
- Note that as this is a green gilt, there will be no PAOF available.
- Timing: Results will be available shortly after the auction closes at 10:00GMT.
EGB SYNDICATION: 2.50% Jul-34 DSL DDA: New guidance
Feb-06 09:23
- Guidance revised to: 2.50% Jul-34 DSL + 33.5 to 34.5bp (was + 33 to 36bp yesterday then +33.5 to 35.0bp when books opened this morning)
- Size: E4-6bln (MNI expects top of the range)
- Books in excess of E25bln
- ISIN: NL0015001XZ6
- Maturity: 15 July 2034
- Timing: Books open
