EUROZONE T-BILL ISSUANCE: W/C 15 September
Sep-12 15:16
Germany, the Netherlands, France, the ESM, Portugal and the EU are due to sell bills next week. We expect issuance to be E19.1bln in first round operations, down from E25.5bln this week.
- On Monday morning, Germany will look to sell E3bln of the new 12-month Sep 16, 2026 Bubill.
- Also on Monday morning, the Netherlands will look to issue E1.0-2.0bln of the 4.5-month Jan 29, 2026 DTC and E1.0-2.0bln of the 5.5-month Feb 26, 2026 DTC.
- On Monday afternoon, France will look to come to the market with up to a combined E7.7bln of 15/23/25/51-week BTFs: E2.8-3.2bln of the new 15-week Dec 31, 2025 BTF, E0.1-0.5bln of the 23-week Feb 25,2 026 BTF, E1.6-2.0bln of the 25-week Mar 11, 2026 BTF and E1.6-2.0bln of the 51-week Sep 9, 2026 BTF.
- On Tuesday, the ESM will look to sell up to E1.1bln of the new 6-month Mar 19, 2026 bills.
- On Wednesday morning, Portugal will look to issue a combined E1.50-1.75bln of the 10-month Jul 17, 2026 BT and the new 12-month Sep 18. 2026 BT.
- Finally on Wednesday, the EU will look to sell up to E1.0bln of the 3-month Dec 5, 2025 EU-bill, up to E1.0bln of the 6-month Mar 6, 2026 EU-bill and up to E1.0bln of the 12-month Sep 4, 2026 EU-bill.
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US: Trump To Make Announcement At Kennedy Center Shortly
Aug-13 15:16
US President Donald Trump is shortly due to make an announcement at the Kennedy Center in Washington DC. LIVESTREAM The event will be Trump's public appearance since National Guard troops deployed across DC this morning.
- Trump is expected to announce the first Kennedy Center Honors recipients since he fired Democratic members of the board and took over as chairman in February. He also may speak on other market-relevant issues, with particular market interest in his assessment of a recently concluded call with Ukrainian President Volodymyr Zelenskyy and European leaders.
SECURITY: Call With Trump Made Progress On Ukraine Security Guarantees - Starmer
Aug-13 15:15
UK Prime Minister Keir Starmer has stated, ahead of a virtual meeting of the so-called ‘coalition of the willing’ of Ukraine backers, that the group has “military plans ready that could used, if there is a ceasefire [in Ukraine].”
- Starmer’s comments come after an emergency call with US President Donald Trump, Ukrainian President Volodymyr Zelenskyy, European leaders, and security officials this morning, which appears to have delivered some progress on European priorities for Trump’s meeting with Russian President Vladimir Putin on Friday.
- Starmer said, echoing other European leaders' post-call comments, that “talks about ceasefire have to sit alongside credible security guarantee [for Ukraine].” Starmer added that, “we made real progress on security guarantees in call with Trump earlier,” addressing concerns in European capitals that Trump might look to strike an unfavourable deal with Putin that exchanges occupied territory for a ceasefire.
- Starmer continued: “We stand ready to increase pressure on Russian economy through sanctions and other measures as needed”.
- US Treasury Secretary Scott Bessent told Bloomberg TV this morning that sanctions on Russia "can go up" or "can be loosened" depending on the outcome of the Trump-Putin summit.
- Bessent said that European states need to be prepared to join harsher secondary sanctions and tariffs: “It’s put up or shut up time. We put secondary tariffs on the Indians for buying Russian oil. And I could see if things don’t go well, then sanctions or secondary tariffs could go up.”
FED: US TSY 17W AUCTION: NON-COMP BIDS $636 MLN FROM $65.000 BLN TOTAL
Aug-13 15:15
- US TSY 17W AUCTION: NON-COMP BIDS $636 MLN FROM $65.000 BLN TOTAL
