POWER: Poland Eyes First Nuclear Power by 2036
Poland plans to have the first nuclear power generation from its first reactor in 2036, the head of the nuclear energy department at the Ministry of Industry, Pawel Gajda, said, cited by Reuters.
- "The aim is for the first electricity to flow from the first nuclear unit in 2036," Gajda said.
- In December, a briefing held at the Ministry of Industry stated the new plan would allow the start of commercial operations of the first two units in 2037 and 2038.
- Poland also eyes to carry out preliminary site screening for the second nuclear power plant later this year, for which Poland plans to start construction in 2032.
- The assumptions are part of the update of the Polish Nuclear Power Programme (PPEJ).
- Poland is 58% ready to begin construction on its first large-scale nuclear power plant, which will have a total capacity of 3.75GW, according to a new report by Baker McKenzie and Polityka Insight, cited by ISB News.
- Poland is eyeing a total nuclear capacity of around 6-9GW in the upcoming decades.
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GILTS: /SWAPS: Pricing Of Fiscal & Issuance Risks Off Extremes But Still Evident
Although long-dated UK swap spreads have recovered from cycle lows, they still operate near/below levels that were driven by the initial Budget-induced sell off linked to fiscal and issuance worry.
- This shows that while those risks have moderated from extremes, they still remain elevated when compared to the pre-Budget status quo (all else equal).
- While issuance risks don’t seem to represent a major immediate (intraday) concern for the conventional gilt market, as today’s record-sized syndication and orderbook show, the combination of slowing economic growth and already limited fiscal headroom will result in continued attention on fiscal matters in the coming months and years, as evidenced by current swap spread pricing.
Fig. 1: UK 10- & 30-Year Swap Spreads (bp)
Source: MNI - Market News/Bloomberg
STIR: Repo Reference Rates
- Secured Overnight Financing Rate (SOFR): 4.35% (+0.00), volume: $2.316T
- Broad General Collateral Rate (BGCR): 4.33% (-0.01), volume: $916B
- Tri-Party General Collateral Rate (TCR): 4.33% (-0.01), volume: $899B
- (rate, volume levels reflect prior session)
US TSYS: Early SOFR/Treasury Option Roundup
Overnight SOFR & Treasury option focus remains on downside puts, lighter volumes partially tied to Japan out overnight, accts plying sidelines ahead Fed Chairman Powell's testimony to the Senate Banking Committee at 1000ET. Underlying futures lower, curves bear steepen with short end rates outperforming. Projected rate cuts through mid-2025 look steady to mildly softer vs. late Monday levels (*) as follows: Mar'25 steady at -1.6bp, May'25 at -6.8bp (-7.3bp), Jun'25 at -15.3bp (-15.9bp), Jul'25 at -20.6bp (-21.1bp).
- SOFR Options:
- 4,000 SFRH5 95.62/95.68 put spds ref 95.71
- 1,750 SFRH5 95.68 puts vs. 95.75/95.81 call spds
- 2,500 SFRJ5 95.68/95.75/95.81 put flys ref 95.825
- 1,500 0QM5 96.25/96.50/96.75 call flys ref 96.05
- Treasury Options:
- 5,000 USH5 112 puts, 6 ref 114-26
- 2,000 TYH5 109.5/110.5 1x2 call spds
- 1,200 TYH5 107/107.5 3x2 put spds
- 2,200 TYJ5 107/108.5 put spds ref 109-01
