EU FINANCIALS: UniCredit: Rumored to target BPER
Nov-19 08:34
(UCGIM; Baa1pos/A-/A-)
- Italian newspaper La Stampa reports that UniCredit and Andrea Orcel's focus has shifted to BPER. The newspaper points out that BPERS regional focus and SME strength would be complimentary to UniCredit.
- The Article also implies the BPER is aware of the interest and possibly taking steps to defend itself
- A 20% stake by Unipol and several other large shareholders could complicate matters.
- We chart BPEIM and UCGIM Sr Non-Pref NC structure bonds below.
Link - (Italian) https://lastampa.it/economia/2025/11/19/news/unicredit_bper_dossier_cimbri_arrocco-15401886/
Want to read more?
Find more articles and bullets on these widgets:
Historical bullets
BUNDS: Cash Basis Trade
Oct-20 08:25
Bund Basis trade, suggest Cash seller:
- RXZ5 7k at 129.83.
GILTS: Steady Open; Trend In 10-year Yields Still To The Upside
Oct-20 08:22
A fairly steady open for Gilts ahead of an important week for UK data. Futures are -4 ticks at 92.42. A short-term bull cycle in futures remains intact though, with initial resistance at Friday’s high of 93.17.
- Yields are up to 1bp higher across the curve. 10-year yields are currently 4.536%, down from this month’s 4.758% high. Despite this month’s fall in yields, the medium-term trend for the 10-year is still to the upside. Initial support is the April 7 low at 4.363%, which shields trendline support drawn from the November 2022 low at 4.232% today.
- See MNI’s Tech Trend Monitor for more, which also includes charts on the 30-year Gilt yield.
- Fiscal policy remains a key focus for the Gilt market ahead of the Nov 26th budget. The main fiscal headlines from the weekend have suggested that VAT may be removed from energy bills.
- September public sector finance data is due on Tuesday. After correcting for a VAT error in last month’s release, PSNB is currently tracking GBP9.4bln below the OBR’s forecast year-to-date.
- This release, alongside Wednesday’s CPI report (important for the near-term BOE outlook) will feed into the OBR’s Round 3 forecast on October 31 ( see here for more).
Figure 1: 10-year Gilt Yields (Source: Bloomberg Finance L.P)
FOREX: FX OPTION EXPIRY
Oct-20 08:14
Of note:
USDJPY ~2bn at 150.00/150.05.
EURUSD ~1bn at 1.1700 (tue).
NZDUSD 1.1bn at 0.5700 (wed).
AUDUSD 1.49bn at 0.6450 (fri).
- EURUSD: 1.1645 (665mln), 1.1650 (331mln), 1.1670 (211mln), 1.1700 (346mln), 1.1705 (206mln), 1.1715 (740mln).
- USDJPY: 150.00 (1.28bn), 150.05 (823mln), 150.25 (600mln), 150.50 (355mln), 151.00 (779mln), 151.70 (1.1bn).
- USDCAD: 1.4000 (718mln).
- AUDUSD: 0.6500 (340mln).
- AUDNZD: 1.1325 (400mln).
