EU CONSUMER STAPLES: Walmart | considering stablecoins for payments (WSJ)
Jun-13 09:42
(WMT; Aa2/AA/AA)
"Walmart, Amazon.com and other multinational giants have recently explored whether to issue their own stablecoins in the U.S., according to people familiar with the matter...stablecoins could allow merchants to circumvent traditional payment rails, which cost them billions of dollars in fees each year, including the interchange fee they pay when customers make purchases using their cards." -WSJ
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EGBS: 10-year BTP/Bund Spread Tests 100bps Even As Equities Soften
May-14 09:40
The 10-year BTP/Bund spread briefly printed below the 100bp handle for the first time since September 2021, with recent tightening momentum persisting even as European equities soften on the session.
- Bund futures have traded in a tight 27 tick range today, currently -2 ticks at 129.54. The 50.0% retracement of the Mar 11 - Apr 7 rally at 129.28 contained downside earlier, but a short-term bearish theme remains intact.
- Bund yields are ~1bp lower across the curve. Today’s 30-year Bund auction was digested smoothly.
- Portugal also sold bonds today, while Belgium and Latvia are holding 5-year syndications. The EFSF has sent an RFP for an upcoming transaction, likely early next week.
- German and Spanish April HICP confirmed flash estimates on an annual basis.
- ECB’s Nagel didn’t add too much to the near-term policy debate. Cipollone, Villeroy and Holzmann are scheduled to speak later today.
PORTUGAL AUCTION RESULTS: OT Results
May-14 09:37
| 1.65% Jul-32 OT | 4.10% Feb-45 OT | |
| ISIN | PTOTEYOE0031 | PTOTEBOE0020 |
| Amount | E548mln | E702mln |
| Previous | E485mln | E432mln |
| Avg yield | 2.72% | 3.75% |
| Previous | 3.38% | 3.30% |
| Bid-to-cover | 1.97x | 1.92x |
| Previous | 2.51x | 2.16x |
| Avg Price | 93.14 | 104.77 |
| Pre-auction mid | 93.035 | 104.332 |
| Prev avg price | 86.95 | 111.60 |
| Prev mid-price | 86.749 | 111.130 |
| Previous date | 13-Sep-23 | 13-Nov-24 |
GERMAN AUCTION RESULTS: 1.25% Aug-48 Bund / 2.50% Aug-54 Bund
May-14 09:35
| 1.25% Aug-48 Bund | 2.50% Aug-54 Bund | |
| ISIN | DE0001102432 | DE000BU2D004 |
| Total sold | E1.5bln | E1bln |
| Allotted | E1.313bln | E818mln |
| Previous | E806mln | E1.189bln |
| Avg yield | 3.09% | 3.12% |
| Previous | 2.89% | 2.70% |
| Bid-to-offer | 3.68x | 1.85x |
| Previous | 1.13x | 1.95x |
| Bid-to-cover | 4.20x | 2.27x |
| Previous | 1.40x | 2.46x |
| Avg Price | 69.86 | 88.21 |
| Low Price | 69.85 | 88.18 |
| Pre-auction mid | 69.810 | 88.127 |
| Prev avg price | 71.15 | 95.87 |
| Prev low price | 71.12 | 95.84 |
| Prev mid-price | 71.139 | 95.761 |
| Previous date | 11-Oct-23 | 12-Feb-25 |
