EU FINANCIALS: Nykredit € B'mark Long 7Y Sr Non-Pref - FV
Oct-01 08:45
- IPT: MS+125
- FV: MS+101 -
- Just wide of the DANBNK (Baa1/A-/A+) NC Sr Non-Pref curve, and ~4bps inside the JYBC NC Sr Non-Pref curve.
- While our FV is implied by secondary, we think the argument could easily be made that, NYKRE's bullet curve, should trade a little further inside JYBC (NR/BBB+/NR) NC curve, while equally rated at Fitch.
- Exp Ratings: NR/BBB+/A+
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STIR: Danske Recommend Paying June '26 Vs. Dec '25 & Dec '26 ECB On Fly
Sep-01 08:39
Danske Bank recommend tactically paying the June ‘26 ECB meeting vs. receiving the Dec ‘25 and Dec ‘26 meetings on an ECB-dated OIS fly structure.
- They note that their “baseline is for the pricing of additional rate cuts from the ECB to move closer to zero as the economy has proven surprisingly resilient and downside risks to the outlook have faded. However, the prospects of inflation moving below 2% and wage indicators remaining soft also dampen the likelihood of the ECB kicking off rate hikes in late ‘26”.
MNI: UK AUG MANUF PMI 47.0 (47.3 FLASH, 48.0 JUL)
Sep-01 08:30
- MNI: UK AUG MANUF PMI 47.0 (47.3 FLASH, 48.0 JUL)
MNI: UK JUL M4 MONEY SUPPLY +0.1% M/M, +2.9% Y/Y
Sep-01 08:30
- MNI: UK JUL M4 MONEY SUPPLY +0.1% M/M, +2.9% Y/Y
