EU FINANCIALS: Pershing Square -  Final Terms - €650m, 5Y

SX7E (19th Dec) 155/110ps 1x2, bought for 2.8 in 12k total now.

• On the commodity front, a clear uptrend in Gold remains intact and last week’s resumption of the bull cycle reinforces current conditions. The yellow metal is holding on to the bulk of its recent gains. Last Thursday’s fresh trend high reinforces the bull theme and sights are on $3079.2 next, a 2.618 projection of the Nov 14 - Dec 12 - 19 price swing. Note that moving average studies are in a bull-mode position, highlighting a dominant uptrend and positive market sentiment. Support is at $2964.9, the 20-day EMA.
• In the oil space, despite recent gains, a bearish trend condition in WTI futures remains intact. However, a key pivot resistance at $69.12, the 50-day EMA, has been pierced. A clear breach of this hurdle would strengthen a bullish theme and open $70.98 next, the Feb 25 high. For bears, a reversal lower would expose the bear trigger at $64.85, the Mar 5 low. Clearance of this level would resume the downtrend and open $63.73 next, the Oct 10 ‘24 low. First support to watch lies at $66.09, the Mar 19 low. 

• Spread set earlier: 1.80% OATei RY +10bps (Guidance was + 12bps area)
• Size: E3bln (MNI expected E3-4bln)
• Books closed in excess of E45bln (inc E3bln JLM interest)
• Settlement: 1 April 2025 (T+5)
• ISIN: FR001400QCA1
• Bookrunners: BNPP / CITI(B&D and DM) / CACIB / JPM / MS / SG
• Timing: Allocations and pricing later today