SECURITY: Key Speakers On First Day Of Munich Security Conference
Feb-13 08:50
The Munich Security Conference is underway at the Hotel Bayerischer Hof in the Bavarian capital. Below we outline the key political speakers on day one of the event, with timings. Livestreams will be available here or here.
- 06:45ET/11:45GMT/12:45CET- German Chancellor Friedrich Merz
- 07:30ET/12:30GMT/13:30CET- European High Representative for Foreign Affairs and Security Policy Kaja Kallas, Saudi Foreign Minister Prince Faisal bin Farhan Al Saud, US Ambassador to the UN Michael Waltz, Colombian Minister of Defence Pedro Arnulfo Sánchez (Panel disc: 'Breaking Point: The International Order Between Reform and Destruction')
- 08:10ET/13:10GMT/14:10CET- Japanese Defence Minister Shinjirō Koizumi
- 08:30ET/13:30GMT/14:30CET - German Finance Minister Lars Klingbeil, WTO Director-General Ngozi Okonjo-Iweala, Finnish President Alexander Stubb, US Senator Thom Tillis (R-SC) (Panel disc: Tariff-fying Times: Managing the Weaponisation of Trade)
- 10:30ET/15:30GMT/16:30CET - Swedish PM Ulf Kristersson, Moldovan President Maia Sandhu, Chair of the NATO Military Committee Adm. Giuseppe Cavo Dragone (Panel disc: 'Destructive Ambiguity: Deterring and Countering Hybrid Warfare')
- 11:30ET/16:30GMT/17:30CET - Ukrainian Minister of Foreign Affairs Andrii Sybiha, French Minister of Europe and Foreign Affairs Jean-Noël Barrot, British Secretary of State for Foreign, Commonwealth and Development Affairs Yvette Cooper, Dutch Minister of Foreign Affairs David van Weel, US Sen. Jeanne Shaheen (D-NH) (Panel disc: Spotlight on Security Guarantees for Ukraine)
- 12:00ET/17:00GMT/18:00CET - French President Emmanuel Macron
- 15:00ET/20:00GMT/21:00CET - US Permanent Representative to NATO Matthew Whitaker, Michigan Gov. Gretchen Whitmer (D), Rep. Alexandria Ocasio-Cortez (D-NY) (Panel disc: Breaking (With) the Past: Seismic Shifts in US Foreign Policy)
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Historical bullets
EGB SYNDICATION: France 20-year May-46 : Guidance
Jan-14 08:32
- Size: EUR benchmark (MNI expects E8-10bln)
- Guidance: 3.25% May-45 OAT + 8bp area
- Maturity: 25 May 2046
- Bookrunners: BNPP, Citi (B&D), HSBC, JPM, SocGen
- Settlement: 21 January 2026 (T+5)
- Timing:May price today
From Bloomberg / MNI colour
EGB SYNDICATION: Ireland 10-year Jun-36 : Guidance
Jan-14 08:29
- Size: EUR benchmark (MNI expects E3-4bln)
- Guidance: MS +28bps area
- Coupon: Short first
- Maturity: 18 June 2036
- ISIN: IE000O6GBYC9
- Bookrunners: Barclays (B&D/DM), BofA Securities, Cantor Fitzgerald Ireland, Goodbody, J.P. Morgan and NatWest
- Settlement: 21 January 2026 (T+5)
- Timing: Books open, today's business
From market source / MNI colour
GILTS: Bullish Theme Intact
Jan-14 08:26
Gilts edge lower with core global FI pulling back from highs.
- Futures -14 at 92.21. Bulls remain in technical control after the break of several key resistance levels last week. Resistance is now layered in at 92.62/72/91, while initial support is located at 91.84.
- Yields flat to +1bp. The ’25 low in 10s (4.363%) remains untested and protects the base of the upward sloping triangle we have previously identified (4.339% today).
- Comments from BoE MPC member Taylor reaffirm his well-known dovish stance. He noted that “we can now see inflation at target in mid-2026, rather than having to wait until 2027 as in our previous projection. I see this as sustainable, given cooling wage growth, and I now therefore expect monetary policy to normalise at neutral sooner rather than later, as I said in the December minutes. Interest rates should continue on a downward path, that is if my outlook continues to match up with the data, as it has done over the past year”.
- No related movement in GBP STIRs given Taylor’s already well-defined dovish stance, SONIA futures incrementally more hawkish as the long end softens. BoE-dated OIS shows ~44bp of easing through Dec, little changed.
- On the supply front, the DMO will come to market with GBP4.5bln of the 4.75% Oct-35 line this morning.
Fig. 1: UK 10-Year Gilt Yields (%)
Source: MNI - Market News/Bloomberg Finance L.P.
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