EU REAL ESTATE: Public Storage: Final Spread
Sep-26 11:27
(PSA; A2/A/NR)
- Spread Set: ms+95
- FV: ms+95
- Size: exp. €400m
- IPT: EUR300m exp 8.3yrs ms+125a - market sources
- The PLD 4% 34 is screening z+105 - 13bps wide to low coupon older deals. Similarly PSA's outstanding bonds are low coupon and trade tight. So I am a little cautious going with +95 but it's a small deal and will be used to repay the 2025 bond. (242m). Rare name as well.
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SEK: SEB: Neutral Month-End Rebalancing Outlook
Aug-27 11:25
SEB’s model suggests that month-end rebalancing needs for the typical Swedish portfolio manager are SEK neutral.
OUTLOOK: Price Signal Summary - Resistance In Bunds Remains Intact
Aug-27 11:19
- In the FI space, Bund futures continue to trade above their recent lows. A bear threat remains present. The contract recently breached 128.84, the Jul 25 low and a bear trigger. Note that the 129.00 handle represents the base of a broad range. A clear range breakout would strengthen a bearish theme. This would open 128.40 initially, the Apr 9 low. Strength above the 50-day EMA of 129.78, is required to signal a reversal.
- A bear cycle in Gilt futures remains in play and yesterday’s fresh cycle low reinforces current conditions. Note that on the continuation chart, moving average studies are in a bear-mode position, highlighting a clear downtrend - for now. First support to watch is 90.25 (pierced), the Aug 26 low. A clear break of it would resume the bear leg and open the 90.00 handle. Initial resistance is at 91.24, the Aug 18 high.
US TSY FUTURES: September'25-December'25 Roll Update: 80%-90% Complete
Aug-27 11:11
Latest Tsy quarterly futures roll volumes from September'25 to December'25 below. Percentage complete currently 80%-90% ahead "First Notice" date this Friday, August 29. Current roll details:
- TUU5/TUZ5 appr 97,100 from -9.25 to -9.12, -9.12 last; 90% complete
- FVU5/FVZ5 appr 229,500 from -5.75 to -5.5, -5.5 last; 83% complete
- TYU5/TYZ5 appr 144,400 from -1.25 to -0.75, -1.0 last; 83% complete
- UXYU5/UXYZ5 app 100,300 from +0.0 to +0.5, 0.25 last; 82% complete
- USU5/USZ5 appr 28,000 from 12.25 to 13.0, 12.75 last; 81% complete
- WNU5/WNZ5 appr 34,100 from 7.75 to 8.0, 7.75 last; 83% complete
- Reminder, Sep futures don't expire until next month: 10s, 30s and Ultras on September 22, 2s and 5s on September 30.
