EU AUTOMOTIVE: Volkswagen: New Issue FV         

Riksbank minutes for the last rate decision shed some more light on the decision-making process: 

• THEDEEN: I PERCEIVE THE PROBABILITY OF LASTINGLY HIGH INFLATION TO BE LOW, BUT HIGH INFLATION IS STILL A RISK, AS POSSIBLE FURTHER NEGATIVE SURPRISES COULD HAVE AN UNFAVOURABLE IMPACT ON THE CREDIBILITY OF THE INFLATION TARGET
• JANSSON: INFLATION DOES NOT NEED TO BE EXACTLY AT TARGET FOR US TO DARE TO CUT THE INTEREST RATE ONE MORE TIME
• SEIM: OUR ANALYSIS SHOWS THAT THE ELEVATED INFLATION IS LARGELY DUE TO TEMPORARY FACTORS AND WE EXPECT IT TO FALL BACK" - Reuters

Full RIksbank minutes found here: https://via.tt.se/ir-files/3236667/4020286/4375/Minutes%20of%20the%20monetary%20policy%20decision%20on%2019%20August%202025.pdf

Treasury and Gilt Rolls, expect for the December expiry to be front Month in Gilt Today, Sept is still the most active, but over 80% of the volume is spread related.

PACE: 1st Notice for Gilt is the 28th, and 29th for Tsys:

• WNA: 64%.
• USA: 64%.
• UXA: 72%.
• TYA: 53%.
• FVA: 57%.
• TUA: 66%.
• Gilt: 63% (As of Friday).

• 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).