EU COMMISSION: VdL To Face Confidence Vote ~12:00CET, Ouster Extremely Unlikely

Headline crossing from Bank of Finland Governor Rehn:

• "ECB REHN: WILL TAKE DECISIONS MEETING BY MEETING" RTRS
• "*ECB'S REHN: MUST BE READY TO ACT AS AND WHEN NEEDED" bbg

Nothing surprising from Rehn - he said as much last week. We consider Rehn to be a pragmatic, dovish-leaning member of the Governing Council, and generally a good barometer of the median view.

• As such, we generally don't expect him to give any kind of guidance/rate outlook straight after a meeting. However, as new data/developments enter the picture, he usually provides a clearer view. His comments will be important to watch closer to the July and September decisions.

• Spread set: 1.125% Nov-37 I/L gilt +11.75bp (guidance was +11.75/+12.25bps)
• Size: GBP Benchmark (MNI expect GBP3.5-5.0bln nominal with risks skewed to smaller end of range)
• Books in excess of GBP58bln (inc JLM interest of GBP4bln)
• Maturity: 22-Sep-38
• Exp. Settlement: 11-Jun-25 (T+1)
• Coupon: 1.75% SA, ACT/ACT, short first to 22-Sep-25
• ISIN: GB00BMY62Z61
• Joint Leads: Barclays (B&D/DM), Citi, Nomura, RBC
• Timing: Books to close at 10:00BST