EM CEEMEA CREDIT: Ittihad: Launch
Nov-05 14:40
(ITTHAD; NR/BB-/BB-)
IPT 7.875% area
FV 7.375% area
Launch 7.375%
Link to earlier FV note:
https://mni.marketnews.com/3WEL4u0
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BOE: Bailey text due for release at 16:00BST / 11:00CET
Oct-06 14:40
- Governor Bailey is due to speak today to deliver the keynote speech at Scotland’s Global Investment Summit 2025. The text will be released at 16:00BST here.
- There is no title attached to the speech and it is therefore unknown at this point whether Bailey will be discussing anything relevant for monetary policy.
- With speeches from both Deputy Governors Breeden and Ramsden last week leaning to the dovish side (neither ruled out voting for a November cut) and with Dhingra and Taylor voting for a sequential cut in September, Governor Bailey's position as the swing voter has been further cemented in our view.
- Therefore anything he says on monetary policy could be market moving, particularly anything on the dovish side given current market pricing (with only 1bp priced for a November cut and 5bp priced by year-end).
EURIBOR OPTIONS: Call Condor Buyer
Oct-06 14:23
ERM6 98.50/98.625/98.75/98.875c condor, bought for half in 10k (ref 98.07).
US SWAPS: J.P.Morgan Turn Bullish Front End Spreads
Oct-06 14:18
Late on Friday J.P.Morgan turned bullish on front end swap spreads for several reasons:
- Quarter end passing meaning that funding conditions are likely to remain soft.
- Accumulated Other Comprehensive Income (AOCI) at banks set to increase modestly, potentially improving their demand for Tsys.
- Spread narrowness offers pickup vs. IOR
- Expected slowing of $IG issuance.
- As a result, they recommended longs in 3-Year swap spreads and 3s/5s swap spread curve flatteners.
