GREECE: RTRS-PM To Reshuffle Cabinet Amid Train Disaster Protests
Reuters reporting that PM Kyriakos Mitsotakis will reshuffle his cabinet in the coming days amid large-scale protests over the gov'ts handling of a deadly train crash in 2023. The report claims that Minister for the National Economy and Finance Kostis Hatzidakis and Minister for Infrastructure and Transport Christos Staikouras will be replaced.
- With Mitsostakis' centre-right New Democracy party holding 155 seats in the 300-member Parliament, unless there is a spate of defections (unlikely) his gov't is not at risk of censure and should be able to continue through until the next election due by 2027 at the latest.
Want to read more?
Find more articles and bullets on these widgets:
Historical bullets
DUTCH AUCTION RESULTS: 2.75% Jan-47 DSL
| 2.75% Jan-47 DSL* | Previous | |
| ISIN | NL0010721999 | NL0015614579 |
| Amount | E1.995bln | E1.96bln |
| Avg yield | 2.773% | 2.581% |
| Avg Price | 99.62 | 49.82 |
| Pre-auction mid | 99.521 | 49.732 |
| Previous date | 10-Sep-24 |
EGB SYNDICATION: Italy 15-year BTP: Spread set
- Spread set: 4.15% Oct-39 BTP +7bps (guidance was +9bps area)
- Size: EUR benchmark (MNI expects E8-10bln)
- Books in excess of E83bln (inc JLM interest)
- Maturity: 1 October 2040
- ISIN: TBC
- Settlement: 18 February, 2025 (T+5)
- Bookrunners: Barclays, Deutsche Bank, Intesa Sanpaolo, Morgan Stanley and Nomura
- Timing: Books open, pricing later today
From market source / Bloomberg
STIR: Modest Hawkish Reaction To Mann, 62bp Of BoE Cuts Priced Through Year-End
Modest hawkish reaction to comments from BoE hawk-turned-dove Mann, as she refers to the Bank’s MaPS survey when it comes to neutral rates (3.00-3.50% currently estimated), as opposed to the BOE's updated model-based estimates for equilibrium (2.25-3.75% estimate).
- Mann’s activist approach is underscored here, as she notes that she expects “Bank Rate will average well above the nominal equilibrium.”
- She also reaffirms the need for continued restrictiveness despite her preference for a 50bp cut last week.
- ~62bp of cuts now priced through year-end vs. 64bp earlier today.
- SONIA futures flat to -3.0, a little below pre-gilt open levels.
BoE Meeting | SONIA BoE-Dated OIS (%) | Difference vs. Cut-Adjusted SONIA Rate (bp) |
Mar-25 | 4.400 | -5.4 |
May-25 | 4.199 | -25.5 |
Jun-25 | 4.120 | -33.4 |
Aug-25 | 3.972 | -48.3 |
Sep-25 | 3.930 | -52.4 |
Nov-25 | 3.856 | -59.9 |
Dec-25 | 3.834 | -62.0 |
