US: MNI POLITICAL RISK - Trump's Rift With His Base Deepens

• Reoffer: 99.721 to yield 2.097%
• Spread set at MS +3bps (guidance was MS + 7bps area)
• HR: 105% vs 2.20% Apr-28 Bobl (DE000BU25000) Spot ref: 100.850 / +21.1bps
• Size: E2bln
• Final books at reoffer 10.4bn (incl 300m JLMs)
• Coupon: Fixed 2%, annual, act/act
• ISIN: XS3101501776
• JLMs: Danske Bank (B&D), Goldman Sachs Bank Europe SE, J.P.Morgan and SEB
• Timing: TOE 13:44 CEST, FTT: now

From market source / MNI colour

• Secured Overnight Financing Rate (SOFR): 4.32% (+0.04), volume: $2.697T
• Broad General Collateral Rate (BGCR): 4.30% (+0.03), volume: $1.090T
• Tri-Party General Collateral Rate (TCR): 4.30% (+0.03), volume: $1.065T
• (rate, volume levels reflect prior session)

(MNI) London - Speaking at the China-Central Asia summit in Astana, Kazakhstan, Chinese President Xi Jinping says that there are "no winners in tariff wars and trade wars", and that "unilateralism and protectionism harm all". This marks the second China-Central Asia summit, and is the first time that the five nations of the region, Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan, and Uzbekistan (also known as the C5), have hosted a foreign leader at a summit.

• Zhao Long, a senior research fellow at the Shanghai Institutes for International Studies (SIIS), told Al Jazeera that Xi’s attendance at the second summit sends a clear message: “China places high strategic importance on Central Asia.”
• The deteriorating security situation between Israel and Iran (the latter of which borders Turkmenistan) is likely to emerge as a major topic of discussion. Chinese state-run Xinhua reports Xi saying that "Israel's military action against Iran has caused a sudden escalation of tensions in the Middle East, and China is deeply concerned about this." Xi says that China "oppose any acts that infringe on the sovereignty, security and territorial integrity of other countries." Xi: "All parties should promote the cooling of conflicts as soon as possible to avoid further escalation of tensions. China is willing to work with all parties to play a constructive role in restoring peace and stability in the Middle East."