EU FINANCIALS: UBS - Overhang of additional capital requirements (2)
Apr-10 11:39
- There are headlines this morning following UBS Chai Colm Kellers comments regarding FINMAs current plans to put in place a higher minimum CET1 level
- He noted this would be 50% higher than global peers.
- We think this is broadly in line with our comment in February noting that a possible $15-25m (~3-5%) increase in minimum capital level, currently at 10.5% was being discussed. https://mni.marketnews.com/4jmcM7X
- UBS' current CET1 level is 14.3%
- We also mentioned recently FINMA comments regarding limits the size of UBS’ investment bank https://mni.marketnews.com/4j29wyO
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BUNDS: USDJPY extends gains
Mar-11 11:38
- USDJPY is helped to session high, taking its cue from the US Tnotes (TYM5) testing session low here.
- Initial support in the contract is seen at 110.21, Yesterday's gap.
- For the USDJPY, Friday's high is situated at 148.20.
GILT SYNDICATION: 1.875% Sep-49 I/L gilt: Allocations out
Mar-11 11:36
- Spread set at 0.125% Aug-48 linker (GB00BZ13DV40) + 1.0bp (Guidance was +1.0/1.5bps)
- Size: GBP5.0bln (larger than the GBP4.0-4.5bln MNI expected) - MNI note: This is the largest ever gilt linker syndication
- Books in excess of GBP67.5bln (inc JLM interest of GBP4bln) - MNI note: That is the largest ever book for a gilt linker syndication
- HR : 90% vs 0.125% Aug-48 linker
- Maturity: 22 September 2049
- ISIN: GB00BT7J0134
- Coupon: 1.875%, long first
- Settlement: 12 March 2025 (T+1)
- JLMs: BofA Securities, J.P. Morgan, Lloyds Bank Corporate Markets (B&D/DM), and UBS Investment Bank
- Timing: Hedge deadline 11:50GMT, pricing later today
From market source / MNI colour
EURIBOR OPTIONS: Call spread buyer
Mar-11 11:27
ERM5 98.12/98.25cs, bought for half in 5k.
