EMISSIONS: Polish EU ETS Auction Clears Lower Versus Previous Polish Auction
Apr-30 09:08
The latest bi-weekly Poland ETS CAP3 auction cleared at €65.05/ton CO2e, down 1.41% compared with the previous bi-weekly Poland auction at €65.98/ton CO2e according to EEX.
- The auction was at a €0.09/ton CO2e premium to the futures contract, compared with a parity in the previous round.
- The cover ratio was at 1.51, compared with 1.72 in the previous bi-weekly Poland auction and below five-year average.
- There was a total of 24 bids with 13 successful bids.
- The mean price was at €65.06/t CO2e and the median price was at €64.72/t CO2e.
- EUA DEC 25 up 1.87% at 66.06 EUR/t CO2e
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SWAPS: German Long End ASWs Unwind All Of Early March Move Lower
Mar-31 09:07
Modest widening in German ASWs this morning given the risk-off price action detailed elsewhere, spreads across the curve ~0.2-0.5bp wider vs. 3-month Euribor.
- Note that Bund and Buxl spreads have unwound effectively all the sell off that followed the announcement that initially indicated the surprise, expedited debt-brake tweak and related fiscal loosening.
- The combination of a lack of an immediate shift higher in German issuance, already short positioning in ASWs and U.S. tariff risks has countered the initial move lower in ASW spreads and does present risks to any fresh move lower in long end spreads in the immediate term.
- Still, fundamentals appear to continue to screen bearish for long end spreads over the medium-term.
MNI: ITALY MAR FLASH HICP +1.6% M/M, +2.1% Y/Y
Mar-31 09:03
- ITALY MAR FLASH HICP +1.6% M/M, +2.1% Y/Y
EURIBOR: EURIBOR FIX - 31/03/25
Mar-31 09:03
Source: EMMI/Bloomberg
- EUR001W 2.3880 -0.0130
- EUR001M 2.3580 0.0140
- EUR003M 2.3360 0.0080
- EUR006M 2.3360 -0.0180
- EUR012M 2.3060 -0.0180
