POWER: Sweden Urged to Speed up Energy Expansion to Stay Competitive
Feb-19 10:37
Industry leaders are urging the Swedish government to accelerate energy production, streamline permitting, and ensure a level playing field for all fossil-free technologies to secure Sweden’s economic future, according to the Swedish Energy Agency.
- To reach 300TWh by 2045, Sweden must add 7TWh of electricity annually—a pace unseen in decades and the expansion must take place well before 2045 to ensure the country remains competitive and continues to attract major industrial investments, industry experts added.
- And countries such as Poland, Germany, France, and the UK, actively attract renewable investments with clear policies and incentives. Sweden must match this effort to remain competitive.
- Wind power plays a key role in lowering electricity prices and preventing industries from relocating abroad, according to the experts.
- The industry group noted that the municipal veto system delays critical wind projects and needs urgent reform to ensure stability for investors.
- Additionally, better coordination with the Swedish Armed Forces is also essential to balance defence needs with wind power expansion.
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GERMAN T-BILL AUCTION RESULTS: 3/9-Month Bubills
Jan-20 10:36
| Type | 3-month bubill | 9-month bubill |
| Maturity | Apr 16, 2025 | Oct 15, 2025 |
| Allotted | E2.431bln | E1.42bln |
| Previous | E1.506bln | E1.472bln |
| Total sold | E2.5bln | E1.5bln |
| Target | E2bln | E2bln |
| Avg yield | 2.575% | 2.375% |
| Previous | 2.690% | 2.374% |
| Bid-to-cover | 2.44x | 4.21x |
| Previous | 2.76x | 2.67x |
| Bid-to-offer | 2.37x | 3.99x |
| Previous | 2.08x | 1.97x |
| Previous date | Nov 25, 2024 | Nov 25, 2024 |
DUTCH T-BILL AUCTION RESULTS: DTC Results
Jan-20 10:35
| Type | 3.5-month DTC | 5.5-month DTC |
| Maturity | Apr 29, 2025 | Jun 27, 2025 |
| Amount | E1.92bln | E1.16bln |
| Target | E1.0-2.0bln | E1.0-1.5bln |
| Previous | E1.57bln | E1bln |
| Avg yield | 2.613% | 2.510% |
| Previous | 2.975% | 2.571% |
| Bid-to-cover | 1.84x | 3.2x |
| Previous | 2.61x | 2.12x |
| Previous date | Oct 21, 2024 | Dec 09, 2024 |
GILTS: A Little Weaker To Start The Week, Data & Syndication Eyed In Coming Days
Jan-20 10:29
Gilt trade lower alongside EGBs, although early Monday trade seems fairly non-committal.
- Familiar comments from the hawkish wing of the ECB had little impact, while UK headline flow has generally centred on political posturing ahead of Trump’s inauguration in the U.S.
- Futures last -37 at 91.30, trading as low as 91.24.
- The structural trend condition in futures remains bearish. Initial support and resistance at 90.68/91.96.
- Yields 1.5-2.5bp higher, curve marginally steeper. 2s10s and 5s30c remain below January highs.
- Spread to Bunds ~2bp wider at 214bp, sticking within the multi-week range after registering the tightest close since November on Friday.
- GBP STIRs see a modest hawkish drift alongside the move in the long end.
- BoE-dated OIS prices 62bp of cuts through year-end vs. 64bp early today/late last week.
- Next 25bp move fully discounted through March, with ~21.5bp of easing priced through Feb.
- SONIA futures 0.5-3.0 lower.
- On the lookout for the syndicated tap of the 4.375% Jan-40 gilt. Bookrunners have indicated this will likely be tomorrow’s business, in line with our own expectation.
- UK labour market data is due tomorrow, our full preview will be out later today. Flash PMIs due Friday
