NORGES BANK: Rate Decision Due At 0900BST, Focus On Guidance
Aug-13 07:40
* The Norges Bank decision is due at 0900BST. Analysts are unanimous in expecting a hold at 4.25%....
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EGBS: Spreads Wider, Bund Yields To Fresh Monthly Highs
Jul-14 07:39
Asia-Pac multi-week lows hold in Bund futures on the first couple of retests, although 10-Year yields have consolidated their opening move above 3.10%, breaking prior July highs (3.118%).
- Little of note in the latter until the psychological level/multi-year high area (3.20/3.201%).
- EGB spreads to Bunds biased wider given the move higher in energy prices and wider risk-negative price action. BTPs and GGBs widen the most against this backdrop, with those spreads 1.5/2.0bp higher.
- Note that both OAT/Bunds and BTP/Bunds remain sub-80bp.
- A reminder that the presence of Bastille Day in France will thin out liquidity in OATs (although they are open) and wider EGBs.
GILT SYNDICATION: 1.75% Sep-38 I/L gilt: Books open
Jul-14 07:34
- Size: GBP Benchmark (The average size of a linker syndication in the DMO plan for this fiscal year is GBP3.5bln. We see that as the smallest possible size with a GBP4-5bln transaction more likely with risks of GBP5.5bln)
- Expected Settlement Date: 15-July-2026 (T+1)
- Guidance: 1.125% Nov-37 I/L gilt (GB00B1L6W962) +9.25/+9.50bps
- ISIN: GB00BMY62Z61
- Joint Leads: BARC (B&D/DM) / BNPP / NatWest / NOMURA
- Timing: Books open, today’s business. MNI expects books to close at 9:30BST
From market source / MNI colour
EURIBOR OPTIONS: ERU6 97.4375/97.50 Call Spread Bought
Jul-14 07:34
ERU6 97.4375/97.50 call spread paper paid 1.25 on 4K.
