LNG: Russian LNG Will Find New Markets After EU Ban: Novatek

• Portugal has confirmed that it has completed its 2025 funding needs and that there is no further bond issuance planned for the year. However, "IGCP may still consider outright or exchange/buyback auctions in order to ensure the efficient functioning of the market, sustain investor engagement along the different segments of the curve, and promote liquidity across the PGB curve."
• MNI would be surprised if we don't see at least one exchange auction in the quarter.
• "Net issuance of Treasury Bills will decrease from the 3rd quarter estimate of EUR 4.6 billion to a projected amount of net issuance of EUR 2.7 billion in 2025."
• There will be just one bill auction date (19 November) with E1.00-1.25bln (combined) of the 6-month May 22, 2026 BT on offer alongside the new 12-month Nov 20, 2026 BT.

Weakness in crude oil futures, after a delegate told BBG that OPEC+ is set to discuss fast tracking a ~500K bpd/month increase in crude production across 3 months (totaling ~1.66mln bpd), provides support to wider core global FI markets in recent trade. With Bunds unreactive to the German national CPI data, which delivered the upside surprises that we flagged on the back of the regional level data.

• Secured Overnight Financing Rate (SOFR): 4.13% (-0.03), volume: $2.893T
• Broad General Collateral Rate (BGCR): 4.12% (-0.02), volume: $1.146T
• Tri-Party General Collateral Rate (TCR): 4.12% (-0.02), volume: $1.110T
• (rate, volume levels reflect prior session)