RUSSIA: Lavrov-'No Space For Compromise' On Peacekeepers In Ukraine Plan
Reuters reporting comments from Russian Foreign Minister Sergey Lavrov. The minister claims that Russia sees no "space for compromise" on the prospect of peacekeepers being sent to Ukraine under any ceasefire/peace deal. Says, "We would consider the deployment of such forces as a NATO presence in Ukraine" and "We are categorically against such actions, they will mean the official involvement of NATO forces in the war against Russia...We cannot allow this to happen."
- Kremlin spox Dmitry Peskov speaks to reporters on French President Emmanuel Macron's televised address to the nation on 5 March. Says that it was "extremely confrontational", and "hardly the sort of speech by a leader who wants peace". Claims that "the conclusion from the speech is that France is thinking about continuing the war." Peskov says Macron "did not say anything about NATO expansion towards Russia's borders" but is "talking about a confrontational deployment of an ephemeral contingent to Ukraine."
- Peskov says that the Kremlin agrees with US Secretary of State Marco Rubio when he called the conflict a "proxy war", saying that the war is a "conflict between Russia and the collective West led by the US."
- Ukrainian President Volodymyr Zelenskyy due at the special EUCO summit in Brussels today. Russia will view the US' withdrawal of aid and intel to Kyiv as a major advantage, with the EU now playing catch-up in how to bolster Ukraine's defences without Washington, D.C.'s backing.
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AUSTRIA AUCTION RESULTS: 3.45% Oct-30 RAGB / 3.20% Jul-39 RAGB
| 3.45% Oct-30 RAGB | 3.20% Jul-39 RAGB | |
| ISIN | AT0000A38239 | AT0000A3D3Q8 |
| Issue Amount | E863mln | E863mln |
| Previous | E200mln | E150mln |
| Allotted | E750mln | E750mln |
| Previous | E150mln | E150mln |
| Avg yield | 2.477% | 3.026% |
| Previous | 2.661% | 3.067% |
| Bid-to-cover | 3.45x | 2.64x |
| Previous | ||
| Bid-to-issue | 3.00x | 2.30x |
| Previous | ||
| Avg price | 105.105 | 102.992 |
| Low price | 105.090 | 101.931 |
| Pre-auction mid | 104.927 | 101.775 |
| Prev avg price | 104.157 | 101.537 |
| Prev low price | ||
| Prev mid-price | ||
| Previous date | 08-Jan-25 | 22-Oct-24 |
GILT AUCTION RESULTS: Softish 5-year gilt auction (but not terrible)
The lowest accepted price (LAP) a little below the pre-auction mid-price on the secondary market there. However, the 4.375% Mar-30 gilt has shrugged off the disappointment and is trading higher now.
- There was quite a concession for the auction with the price falling from above 100.46 in the 5-minutes ahead of the auction cut off window. We are still trading notably below that level and closer to the average auction price at writing.
- Not the strongest auction but still a decent volume of demand (bid to cover in excess of 3x at 3.05x).
- Weakness seen in gilt futures going into the bidding window closing too (albeit there was some downside moves in Bunds concurrently). In gilt futures we were around 92.65 5 minutes before the auction close, hit a low of 92.490 and are now back at 92.560 at writing.
EGBS: Bund call spread vs call
RXH5 134/135cs 1x2 bought for 4 in ~5.1k vs selling 136c at 6.5 in ~1.9k.
