NORGES BANK: Rate Path Revisions Push Back On Significant Easing Expectations
Dec-18 09:17
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SONIA OPTIONS: Call Condor
Nov-18 09:15
SFIZ5 96.25/96.30/96.35/96.40c condor, bought for 2.5 in 4.5k.
FRANCE: OATs Widening Alongside Peers, But Domestic Political Risks Increasing
Nov-18 09:14
The 10-year OAT/Bund spread is back at 75bps, 1bp wider on the day alongside EGB peers. While continued weakness in equity benchmarks looks to be the main driver of recent EGB spread widening, domestic political developments remain a risk to monitor.
- This morning, Le Parisien reported that members of the centre and right “agreed” that they would note vote in favour of the revenue section of the 2026 budget, if it were to be put to a vote in its current form. Link here
- Sources suggest this would be “due to the insincerity of some of the measures adopted”.
- However, the report does not contain information on whether ministers would abstain from a vote, or vote against the motion.
- Ultimately, it underscores the difficult balancing act PM Lecornu is facing. Amendments to the budget to date have already pushed the expected 2026 deficit towards (or above) 5%, versus a target of 4.7%.
- Meanwhile, the Senate starts reviewing the Social Security section of the budget tomorrow. Actions around the 2023 pension reform suspension are in focus.
EU-BOND SYNDICATION: 2.50% Oct-30 EU-bond tap: Spread set
Nov-18 09:04
- Spread set MS + 12bps (guidance was MS + 15bps area)
- Tap Size: E5bln (WNG) (MNI expected E5-6bln)
- Books in excess of E83bln (inc E6.75bln JLM interest)
- Settlement: 25 Nov 2025 (T+5)
- Maturity: 14 October 2030
- ISIN: EU000A4EG021 (immediately fungible)
- JLMs: GSBE SE / HSBC / J.P. Morgan (DM/B&D) / Natixis / UBS
- Timing: Books to close at 9:30GMT / 10:30CET
From market source
