US CREDIT SUPPLY: Santander UK $Bmark; 4NC3 FRN, 4NC3, 11NC10 FV
Sep-19 14:32
(A2pos/A+/A)
• IPT 4NC3 Fxd-to-FRN IPT +110a FV: 85a
• IPT 11NC10 Fxd-to-FRN IPT +140 FV: 117a
• IPT 4NC3 FRN : SOFR Equiv
• Ratings: Baa1/BBB/A (expected)
• Issuer: Santander UK Group Holdings (SANUK)
• Format: SEC registered, senior unsecured
• Bookrunners: Santander (GC/B&D), CITI, Jefferies, JPM, MS, WFS
• FV: Santander UK has few recently issued Sr Unsecured but trades 5-10 bps wide to BACR, with BACR 4.476 11/29s (3.16Y to workout) at g81, BACR 9-10Y curve around g110.
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GILT AUCTION PREVIEW: On offer next week
Aug-20 14:30
The DMO has announced it will be looking to sell GBP5.0bln of the 4.375% Mar-28 Gilt (ISIN: GB00BSQNRC93) at its auction next Wednesday, August 27.
MNI: US EIA: CRUDE OIL STOCKS EX SPR -6.01M TO 420.7M AUG 15 WK
Aug-20 14:30
- US EIA: CRUDE OIL STOCKS EX SPR -6.01M TO 420.7M AUG 15 WK
- US EIA: DISTILLATE STOCKS +2.34M TO 116.0M IN AUG 15 WK
- US EIA: GASOLINE STOCKS -2.72M TO 223.6M IN AUG 15 WK
- US EIA: CUSHING STOCKS +0.42M TO 23.5M BARRELS IN AUG 15 WK
- US EIA: SPR +0.22M TO 403.4M BARRELS IN AUG 15 WK
- US EIA: REFINERY UTILIZATION WEEK CHANGE +0.2% TO 96.6% IN AUG 15 WK
US TSY FUTURES: BLOCK: Large Sep'25 2Y Sale Earlier
Aug-20 14:29
- Large 2Y sale lost in the mix earlier amid growing Sep/Dec roll volumes
- +23,900 TUU5 103-26.5, sale through 103-26.75 post time bid at 0928:10ET.
- Futures have rebounded since the print with the 2Y contract at early session high of 103-25.62 (+1.38).
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