BOE: We didn't learn a lot from the press conference - Nov cut still in play

ERM6 98.375/98.25/97.9375p ladder, bought for flat up to half in 9k.

New 2.75% 7-year Dec-32 EU-bond

• Reoffer: 99.455 to yield 2.834% | 99.380 / 3.795%
• Size: E5bln (bottom of the E5-7bln range we expected)
• Books closed in excess of E69bln (inc E7.55bln JLM interest)
• Spread set earlier: MS + 35bps (guidance was MS + 37bps area)
• HR: 105% vs 1.70% Aug-32 Bund (spot ref 95.400  / 2.413% / +42.1bp)
• Coupon: 2.75%. Short first coupon
• Maturity: 13 December 2032
• ISIN: EU000A4ED0K0

3.75% Oct-45 EU-bond tap:

• Reoffer: 99.380 to yield 3.795%
• Size: E4bln up from original E3bln guidance (MNI expected E3-5bln)
• Books closed in excess of E69bln (inc E7.9bln JLM interest)
• Spread set earlier: MS + 95bps (guidance was MS + 97bps area
• HR 102% vs 2.50% Jul-44 Bund (spot ref 92.230 / 3.045% / +75.0bp)
• ISIN: EU000A4EA8Y7 (immediately fungible)

For both:

• Settlement: 15 July 2025 (T+5)
• JLMs: BNP Paribas, Citi, Deutsche Bank (DM/B&D), J.P. Morgan, Nomura
• Timing: TOE 13:23BST / 14:23CET. FTT immediately

From market source

• Date $MM Issuer (Priced *, Launch #)
• 07/08 $3B #IADB (Inter-American Development Bank) 10Y SOFR+61
• Potential roll-over from Monday:
  • 07/07 $Benchmark Nissan Motor 5Y 7.25%a, 7Y 7.75%a, 10Y 8%a
  • 07/07 $Benchmark NTT Finance Corp multi tranche investor calls: 2Y, 3Y fix/SOFR, 5Y fix/SOFR, 7Y, 10Y, 12Y -- in addition to EUR issuance 2Y, -4Y, 8Y and 12Y
  • $14.45B Priced Monday