POWER: Switzerland Adopts New Electricity Package
Feb-19 10:36
Switzerland’s Federal Council on Wednesday adopted a second package of a law to secure electricity supply from renewable energies, it said.
- The new regulations - including on local electricity communities and minimum remuneration - will come into force on 1 January 2026.
- The first package came into force on 1 January 2025.
- The new package focuses on local electricity communities that enables the marketing of self-generated electricity through the grid within a district or municipality, amongst other things.
- The new package also promotes flexible consumption by end users.
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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
