EU CONSUMER CYCLICALS: PostNL: requests government support, leaks say denied
(PNLNA: NR/BBB Neg)
PostNL this morning: "People in the Netherlands send and receive less and less mail every year. In the past decade, mail volume has nearly halved, but the Dutch Postal Act has remained unchanged...Under the Dutch law, the provider in charge of the universal service obligation (USO) is entitled to receive compensation for the net cost of the service if this constitutes a disproportionate financial burden."
- It has requested €30m in 2025 and €38m in 2026 (FY24 EBIT was €53m, -42%yoy)
- It has also asked for relaxed delivery times on standard USO mail (from 2 day delivery to 3-days)
Immediate leaks say denied: "The Dutch government is turning down PostNL’s request for a temporary contribution, ANP reports."-bbg
PostNL's request: https://tinyurl.com/ecynacph
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ECB: Lagarde: Energy Prices "Might Have A Real Impact"
Lagarde plays down the need for forward guidance, in line with GC colleagues over the last few weeks (e,g Nagel and de Guindos): “We have a method, we will apply the method, and we will take all the data that comes in. And data is going to be fascinating, as I said, the price of energy is going to be something that might have a real impact”.
- Earlier, when speaking about why the ECB has not cut by 50bps yet, Lagarde pointed the earlier start to the cutting cycle (e.g. compared to the Fed).
EGB SYNDICATION: Spain 10-year Obli: Books open
- Guidance: 3.45% Oct-34 Obli (mid) +8bp area
- Size: EUR benchmark (MNI expects E10-15bln)
- Maturity: 30 April 2035
- Coupon: Short first
- ISIN: ES0000012O67
- Settlement: 29 January 2025 (T+5)
- Bookrunners: BBVA, CACIB, DB (B&D/DM), JPM, MS, SANTANDER
- Timing: Books open, today's business
From market source
BUNDS: BTP/Bund spread targets the December low
- French OAT and the BTP have been helping the German Bund back through its opening gap, small immediate resistance was seen at 132.14 Yesterday, and the contract printed a 132.15 high, this remains.
- Above that area, it opens to 132.41, but better is seen at 132.57.
- The price action is pushing the BTP/Bund spread towards 106.16bps, the December low, and tightest printed spread since October 2021.
(Chart source: MNI/Bloomberg):
