EU REAL ESTATE: Public Property Invest: 2Q25 Results

Jul-11 06:51

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(PUPRIN; NR/NR/BBB) {PUBLI NO Equity} * ND/EBITDA (run rate) 7.8x from 8.6x QoQ with EBITDA growth ...

Historical bullets

USD: Some attention in the USDJPY into the EU Session

Jun-11 06:47
  • The NZD is the early small worst performer in G10 against the Dollar, NZDUSD has pushed through Yesterday's low, but is still some way short of Friday's printed low of 0.6007 post US NFP.
  • The Rest of G10s Currencies are mostly flat, but some focus should be right back in the USDJPY.
  • The cross spiked to 145.29 overnight Yesterday, following a leaning Dovish Ueda, and USDJPY is back towards this level in early trade, managing a 145.25 high Today.
  • Next small resistance in USDJPY comes at 145.38, this is the very short Term retracement of the May/June Range.

BOE: Saporta: Upper Bound Of PMRR Could Be Reached Next Year

Jun-11 06:46
  • Regarding the latest survey estimate of PMRR, Saporta notes thatwe could arrive at the upper range of this estimate by Q2 2026. However, “Exactly when we reach this level will depend amongst other things on changes in our facilities usage, as well as the pace of QT (which is a decision for the MPC). But it sharpens the mind as a planning assumption”
  • A few other excerpts from the speech to note:
    • “Usage of our weekly lending facilities have been steadily increasing, which we encourage and welcome. Currently, we have lent £68bn in the Short-Term Repo (STR) and £23bn in the ILTR”….” STR usage has tended to decline somewhat before quarter-ends, during which times banks seek to manage down their balance sheets temporarily for regulatory reasons. This balance sheet management activity – which is anticipated and understood well by us and market participants – is also reflected in short-term spikes in overnight repo rates around quarter ends that are then brought down through greater STR usage”.
    • “Chart 2 shows a time series of the spread between SONIA and Bank Rate. Although the spread has been narrowing it is still negative. In an environment of falling reserves and upwards pressure in repo markets, depositors in overnight unsecured markets have been able to demand a higher rate of return on their deposits with SMF banks. We would expect the spread to narrow further as reserves and deposits reach their preferred level.
  • Market Notice on “Transitioning to a repo-led operating framework – discussion paper feedback statement” here. Key points from Saporta:
    • The Bank will continue to review the ILTR to ensure it remains effective and aligned with market conditions. From November 2025, the minimum spread on bids against Level A collateral in the ILTR will rise from 0 to 3 basis points above Bank Rate”.
    • “By introducing a modest spread above Bank Rate, this change is intended to balance incentives for participants between the STR and ILTR facilities against Level A collateral by more closely aligning the effective costs of the facilities given the longer tenor of the ILTR. This change will be confirmed in advance, with no changes planned for Level B or C collateral”.
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Source: BOE

US TSY OPTIONS: TYN5 112.00 Calls Still Trading

Jun-11 06:41

TYN5 112.00 calls still trading, paper paid 0-02 on ~3.8K.