POWER: New Baltic Sea Cable Break Near Sweden Found
Feb-21 08:38
A new submarine cable break has been discovered in the Baltic Sea near the Swedish island of Gotland, prompting a preliminary investigation by authorities, according to reports confirmed by the Swedish Coast Guard, cited by NRK.
- The suspected cable break is believed to have happened in the Swedish economic zone off Gotland, affecting a cable connecting Finland and Germany.
- Prime Minister Ulf Kristersson acknowledges the media reports regarding the possible cable break and emphasises the seriousness of potential infrastructure damage in the Baltic Sea, the minister posted on X, cited by Reuters.
- The exact timing of the cable break remains unknown, although authorities have been aware of the incident since Thursday.
- Response efforts include dispatching a vessel to assist in the investigation, according to authorities quoted by SVT.
- Both the Swedish Armed Forces and the Norwegian Armed Forces have been informed about the situation, confirming their awareness of the incident.
- A similar incident occurred on the 650MW EstLink 2 between Finland-Estonia in December 2024 – with works on the unit still ongoing until August.
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Historical bullets
EGB SYNDICATION: Spain 10-year Obli: Books open
Jan-22 08:32
- Guidance: 3.45% Oct-34 Obli (mid) +8bp area
- Size: EUR benchmark (MNI expects E10-15bln)
- Maturity: 30 April 2035
- Coupon: Short first
- ISIN: ES0000012O67
- Settlement: 29 January 2025 (T+5)
- Bookrunners: BBVA, CACIB, DB (B&D/DM), JPM, MS, SANTANDER
- Timing: Books open, today's business
From market source
BUNDS: BTP/Bund spread targets the December low
Jan-22 08:32
- French OAT and the BTP have been helping the German Bund back through its opening gap, small immediate resistance was seen at 132.14 Yesterday, and the contract printed a 132.15 high, this remains.
- Above that area, it opens to 132.41, but better is seen at 132.57.
- The price action is pushing the BTP/Bund spread towards 106.16bps, the December low, and tightest printed spread since October 2021.
(Chart source: MNI/Bloomberg):
EGBS: /SWAPS: Citi: Periphery Looks Attractive Vs Swaps
Jan-22 08:27
Citi note that “EGB supply pressure has likely peaked. There also seems little EGB supply indigestion so far. While these concerns remain, we find the overall risk-reward tilted supportive towards EMU periphery vs swaps.”
- They “especially like PGBs for this given we don’t expect the next syndication until April and today’s buyback absorbs some of the duration. This informed our recommendation last week to buy 20yr PGBs vs. swaps following the underperformance of the sector on the curve.”
