CHINA-RUSSIA: Putin & Xi Sign Statement On Deepening Comprehensive Partnership
(MNI) London - The presidents of Russia and China have signed a statement on 'deepening comprehensive partnership and strategic cooperation' as part of Chinese President Xi Jinping's four-day state visit to Russia. Russian President Vladimir Putin says that talks between the two were "warm and substantive", and that Sino-Russian relations are "self-sufficient", with USD200B of projects between the two nations set to be prepared and "almost all Russian-Chinese foreign trade operations are carried out in rubles and yuan" allowing for this trade to be "protected from the influence of third countries and negative trends in world markets [i.e. Western sanctions and Russia's exclusion from SWIFT],"
- Comments from President Xi are being reported by Reuters. Says that "Many new, important consensuses were reached...China and Russia should make new and greater contributions to safeguarding international fairness and justice...should be true friends of 'steel'...should deepen political mutual trust, strengthen strategic coordination...should push bilateral relations to be more mature and resilient...should work together in harmony and be leaders in global governance...should continue to deepen practical cooperation in various fields [and] lay a solid foundation for comprehensive strategic cooperation."
- TASS reports Xi as saying that the "turbulent international situation does not affect relations between Russia and China".
- The statement signed by the heads of state represents one of a number of deals signed, including an "updated Agreement on the Promotion and Mutual Protection of Investments", and an agreement on the construction of a 'lunar power station'.
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EU-BOND SYNDICATION: Dual-tranche: 2.625% Jul-28 / 2.50% Oct-52: Priced
2.625% Jul-28 EU-bond (EU000A4D5QM6)
- Reoffer: 101.052 to yield 2.283%
- Spread earlier set at MS+14bps (Guidance was MS+15 bps area)
- Size confirmed at E5bln (MNI had expected E4-6bln)
- Books closed in excess of E41bln (in E5.5bln JLM interest)
- HR 106% vs 2.40% Apr-28 Bobl +31.1bp
2.50% Oct-52 EU-bond (EU000A3K4DT4)
- Reoffer: 77.217 to yield 3.859%
- Spread set at MS+126bps (Guidance was MS+128 bps area
- Size: E3bln versus guidance of E2bln (MNI had expected E4-6bln)
- Books closed in excess of E45bln (in E5bln JLM interest)
- HR 119% vs 0% Aug-52 Bund + 86.1bp
For both:
- Settlement: 15 April 2025 (T+5)
- Bookrunners: BNP Paribas, Deutsche Bank, J.P. Morgan, Natixis and Nomura (DM/B&D)
- Timing: TOE 12:39BST / 13:39CET. FTT immediately
From market source
US TSYS: Extending Lows
- Risk-on tone gathering some momentum in the last couple minutes -- no obvious headline trigger, however, as Tsys extend lows with TYM5 marking 111-19 (-15), just above initial technical support at 111-15.5 (Low Apr 7), while stocks extend recent highs -- SPX emini climb to 5224.75 high, 5208.75 last (+111.5).
- Cross asset, Gold back over 3,000 at 3009.5 last, Crude makes mild gain (WTI +.30 at 61.0), Bbg US$ index -3.22 at 1268.34.
OUTLOOK: Price Signal Summary - Reversal Exposes Key Support In Gilts
- In the FI space, a bull cycle in Bund futures traded in a volatile manner Monday. For now, a bull cycle remains in play and a pullback is considered corrective. A fresh short-term cycle high yesterday signals scope for a continuation of the uptrend. The contract has cleared 131.14, 76.4% of the Feb 28 - Mar 11 bear leg. This strengthens the bullish condition and opens 132.56, the Feb 28 high. Initial firm support to watch lies at 129.15, the 20-day EMA.
- A sharp sell-off in the Gilt futures contract highlights a strong reversal of the recent bull cycle between Mar 27 - Apr 7. A continuation down would expose the next key support located at 90.55, the Mar 27 low. Clearance of this level would confirm a full reversal of the Mar 27 - Apr 7 rally. On the upside, a resumption of gains would initially open 92.70 and 93.38, the 38.2% and 61.8% retracement of the Apr 7 high-low range.
