EUROZONE T-BILL ISSUANCE: W/C 29 September
Sep-26 15:07
France, Greece and the EU are due to sell bills next week. We expect issuance to be E11.6bln in first round operations, down from E21.6bln this week.
- On Monday afternoon, France will look to issue up to E7.9bln of 14/15/27/49-week BTFs: E2.6-3.0bln of the new 14-week Jan 7, 2026 BTF, E0.1-0.5bln of the 15-week Jan 14, 2026 BTF, E1.6-2.0bln of the 27-week Apr 9, 2026 BTF and E2.0-2.4bln of the 49-week Sep 9, 2026 BTF.
- On Wednesday morning, Greece will look to come to the market with E500mln of the 13-week Jan 2, 2026 GTB.
- Finall on Wednesday, the EU will look to sell up to E1.0bln of the 3-month Jan 9, 2026 EU-bill, up to E1.0bln of the 6-month Apr 10, 2025 EU-bill and up to E1.5bln of the new 12-month Oct 10, 2026 EU-bill.
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FOREX: EUR/AUD Breaks to New Daily Lows as AUD Benefits From Equity Strength
Aug-27 15:05
EUR/AUD breaking to new daily lows in recent trade (and through the WMR fix) - this puts the price clear of both the 50-dma at 1.7893 and likely avoids the formation of support at a possible uptrendline drawn off the February lows.
- Worth noting today marks month-end value date given Aug31st falls on a Sunday, so could tie-in some month-end flow to recent moves.
- Similarly, equities remain firm, helping aide AUD strength here: AUD/USD is back to flat, reversing the day's losses of ~0.4%.
ESM ISSUANCE: USD2bln WNG New 5-Year: Priced
Aug-27 14:58
- USD2bln WNG of the new 3.75% 5-year Sep-30 ESM-Bond
- Spread set earlier at SOFR MS+39 (SA 30/360) (guidance was SOFR+40 Area, IPT was MS+42 area, that was equiv. to CT5 + ~7.3bp)
- Books closed in excess of $13.3bn excl. JLM interest
- Reoffer 99.855 to yield 3.782%
- Issuer: European Stability Mechanism (TICKER: ESM)
- Issuer Ratings: Aaa (stable) (Moody's) / AAA (stable) (S&P) / AAA (stable) (Fitch)/ AAA (stable) (Scope)
- Format: Registered Notes, Reg S (NSS) / 144A
- Ranking: Senior, Unsecured, Unsubordinated
- Listing: Luxembourg
- Settlement: 4 September 2025 (T+6 (TARGET) / T+5 (NY))
- Maturity Date: 4 September 2030 (5Y)
- HR 101% vs CT5 (T 3 ⅞ 07/31/30 )
- ISIN: Reg S: XS3171756128 / 144A: US29881WAG78
- Coupon: 3.75%, Fixed, Semi-annual, 30/360, Following, Unadjusted
- Bookrunners: CACIB(DM/B&D) / DB / JPM
From market source and Bloomberg.
The transaction comes ahead of a USD3bln redemption for the ESM in September. That line also had a 5-year maturity initially.
STIR: BLOCK: SOFR White Pack
Aug-27 14:41
- 4,000 SOFR White packs (SFRU5-SFRM6) +0.000 at 1037:12ET - likely swap-tied sale with spds running wider in the short end
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Jan-30 21:43
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