REAL ESTATE: VGP BV (VGPBB: BBB-) FV new Long 5yr

Mar-26 09:26
  • IPT: €BMK Long 5yr (5.85yrs) Green ms+235a
  • FV: ms+195
  • VGPBB 2.25 30 screen z+176 on the bid. Would be closer to 183 if a current coupon. Curve is worth 12bps to 5.85yrs
  • UOP: Includes Tender on 2027s and 29s
VGP_fv

Historical bullets

GILTS: Large Flows going through in the spread

Feb-24 09:24
  • First notable clip in the Gilt spreads, trades on legs in 40k at -4.5.
  • UBS was bearish of the spread, and it is now testing a spread low, ignoring the dubious print during December and early January.
  • Well over 100k now trades at 4.5 on legs.

BOE: A number of speakers at BOE's BEAR Conference

Feb-24 09:13

BOE's Lombardelli has just finished speaking, giving the intro to the BOE's research conference (BEAR) with the focus this year on the balance sheet.

  • This morning sees a session on QT (chaired by Andrea Rosen due to start imminently) with a keynote on "Balance Sheet Policy" from Annette Vissing-Jorgensen (Federal Reserve Board) with Pill chairing this (11:15GMT).
  • This afternoon Ramsden will chair a panel (13:15GMT) with BOE's ED of Markets Vikcy Saporta participating.
  • Tomorrow's highlights will be remarks and a Q&A from Dallas Fed Chair Logan (9:15GMT) ahead of a keynote speech from ECB's Schnabel (13:00GMT) and then closing remarks by Pill (14:00GMT).

Full agenda here.

MNI: GERMANY FEB IFO BUSINESS CLIMATE INDEX 85.2

Feb-24 09:00
  • MNI: GERMANY FEB IFO BUSINESS CLIMATE INDEX 85.2