RENEWABLES: UK Morning Wind Forecast

• The French OAT is starting to drag Bund lower, The UK Gilts is also at play, as the UK returns from their Bank Holiday.
• The French 10yr Yield has fully cleared the 3.50% level, highest since March.

Next stop, reference 121.60:

• 3.550% = 121.39.
• 3.631% = 120.61 (highest Yield print since Nov 2011).

(Chart source: MNI/Bloomberg Finace LP).

• E3bln WNG of the new 7-year Sep-32 RAGB
• Guidance: MS+33 area
• Format: Reg S, Bearer, 144A eligible, CAC
• Settlement: 02 September 2025 (T+5)
• Maturity: 20 September 2032 (7Y)
• Size: EUR 3 billion (Will not grow, excluding potential issuer retention)
• Coupon: TBD, Fixed, Ann., ACT/ACT (Long 1st to 20 September 2026)
• ISIN: AT0000A3NY15
• Bookrunners: BofA / DB(DM/B&D) / Erste Group / HSBC / JPM / Raiffeisen Bank International
• Timing: Books open, today's business

From market source

A big move for Gilt on the Open, some of the calls were 90.90/91.00, it was netting at 90.87, but down 50 ticks and through session lows.

The Dec is still not front Month, but expected to be Today.

Immediate support in G Z5 is at 90.31, while the next Yield levels are still at:

• 4.800% = 89.98.
• 4.921% = 88.93.