EGB SYNDICATION: Latvia 10-year EUR: Allocations
Sep-25 12:46
- Size: E1.25bln (in line with MNI expectation - we pencilled in E0.75-1.5bln with risks skewed towards E1.25bln)
- Books closed in excess of E2.7bln (inc E330mln JLM interest)
- Spread set earlier at MS+85bp (initial guidance was MS+100 bps area then revised to MS+90bps area (WPIR +/-5bps))
- HR 97% vs 2.60% Aug-35 Bund
- Maturity: 2 October 2035
- Settlement: 2 October 2025 (T+5)
- JLMs: Deutsche Bank, Erste Group and Goldman Sachs Bank Europe SE (B&D)
- ISIN: XS3194153352
- Timing: Hedge deadline 14:00BST / 15:00CET
From market source / MNI colour
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US TSYS: Post-Data React
Aug-26 12:34
- Treasury futures pare gains after higher than expected Durable/Cap Goods Orders, Philadelphia Fed Non-Mfg Activity declines.
- Tsy Sep'25 10Y futures currently trades +1.5 at 112-00.5 vs. 112-03 high. Sights are on 112-15+, the Aug 5 high and the bull trigger. Clearance of this hurdle would resume the uptrend and pave the way for a climb towards 112-23 initially, the May 1 high.
- Curves twist steeper: 2s10s +2.367 at 57.312, 5s30s +4.066 at 114.350.
- Little react in US$ after scaling back Monday's late gain, BBDXY -2.76 at 1204.85.
GILTS: Roll Pace Update
Aug-26 12:33
- A decent clip in the Gilt spread, ~20k trades on legs at 3.
- The spread has mostly been bought, but remains in its tight 1/5 low/range seen in the past 11 sessions.
- Gilt roll Pace is at 82% completion, and expect for the December to be front Month by the end of day, or at the very least Tomorrow.
MNI: US AUG PHILADELPHIA FED NONMFG INDEX -17.5
Aug-26 12:31
- MNI: US AUG PHILADELPHIA FED NONMFG INDEX -17.5
