EGB SYNDICATION: New Portugal Jun-40 OT: Priced
Apr-30 12:09
- Reoffer: 98.569 to yield 3.498% (CORRECTED PRICE)
- Issue size: E3bln WNG
- Spread set earlier at MS+92 (guidance was MS+93bps area)
- Books closed in excess of E15.8bln (incl.E2.115bln JLM interest)
- Reference: 4.75% Jul-40 Bund + 74.2bp ref 124.43 / 2.756%; Hedge ratio 82%
- Maturity: 15-June-2040
- Settlement: 08-May-2025 (T+5)
- Coupon: Fixed, Annual ACT/ACT, long First Coupon (June 15, 2026)
- ISIN: PTOTE4OE0008
- Bookrunners: BBVA/DB/GSBE SE/JPM (DM & B&D)/NovoBanco/Santander
- Timing: TOE 12:58BST / 13:58CET. FTT immediately
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GERMAN DATA: Rounded HICP a tenth below consensus; CPI in line with tracking est
Mar-31 12:02
- German HICP came in a tenth below consensus at 2.3%Y/Y (versus consensus of 2.4%Y/Y, prior 2.6%) with the M/M print at 0.4% (0.4% consensus although 0.5% was the modal expectation and analysts were split between 0.3-0.5%).
- The national CPI came in at 2.2%Y/Y (MNI tracking 2.2-2.3%, consensus 2.2%, prior 2.3%), M/M at 0.3% (in line with MNI tracking of 0.3-0.4% and consensus of 0.3%).
SPAIN AUCTION PREVIEW: On offer this week
Mar-31 12:01
Tesoro Publico has announced it will be looking to sell a combined E5.5-6.5bln of the following Bono/Oblis at its auction this Thursday, April 3:
- the 2.40% May-28 Bono (ISIN: ES0000012O59)
- the 3.10% Jul-31 Obli (ISIN: ES0000012N43)
- the 3.90% Jul-39 Obli (ISIN: ES0000012L60)
Tesoro Publico has additionally announced it will be looking to sell E0.25-0.75bln of the 1.00% Nov-30 Obli-Ei (ISIN: ES00000127C8) at that auction.
BUNDS: National CPI Due Imminently
Mar-31 11:57
Bund futures operate off session lows ahead of the German nation CPI reading, last 129.15.
- If the data comes in the soft side it is worth remembering that session highs in futures are located at 129.59, with the March 5 low in 10-Year yields located at 2.654% (today’s low is 2.659%).
- If we get an upside surprise in inflation then bears will look to close opening gaps in Bund futures (128.91) and 10-Year yields (2.727%).
