RUSSIA: Putin Aide-Ukraine Attacks On 4 Nov Could Jeopardise Trilateral Talks

• The US Tnotes/Bund spread continues to widens, now by 4.4bps to reach its highest level since July 2025.
• The spread is through the 38.2% retracement of the 2024/2026 range and targets 165bps next.

(Chart source: MNI/Bloomberg Finance LP).

• E1.0bln tap of the 4.375% May-31 BGARIA (ISIN: XS2716887760)
  • Spread: MS+60bps (IPTs: MS+80bp area)
  • Books in excess of E2.4bln (incl E120mln JLM int)
• E0.75bln tap of the 4.625% Sep-34 BGARIA (ISIN: XS2536817484)
  • Spread: MS+95bps (IPTs: MS+115bp area)
  • Books in excess of E2.5bln (incl E120mln JLM int)
• E0.5bln of the 4.25% Sep-44 BGARIA (ISIN: XS2890435600)
  • Spread: MS+160bps (IPTs: MS+175bp area)
  • Books in excess of E1.9bln (incl E25mln JLM int)

For all:

• Bookrunners: BNPP (B&D), ERSTE, ING, JPM, KBC
• Settlement: Oct. 2, 2026
• Timing: Books are already subject. Allocations and pricing to follow

From market source, with MNI colour

• MNI: US 28 SEP EFFECTIVE FED FUNDS RATE 3.88% (UNCH VS PRIOR)
• EFFR PERCENTILES: 25TH 3.88% (UNCH); 1ST 3.85% (UNCH)
• EFFR PERCENTILES: 75TH 3.89% (UNCH); 99TH 3.90% (UNCH)
• US 28 SEP EFFR VOLUME USD 110 BLN (112 BLN PRIOR)