EU UTILITIES: Week in Review
Apr-04 14:05
- Spreads only outperformed slightly at +22bp, despite the defensive nature of the sector.
- Ausnet has been out with a mandate, understandably declining to print this week. Our credit profile pegged it to Ausgrid https://mni.marketnews.com/3YdI20R. We also noted that it will target debt maturity management, possibly implying future tenders.
- Alperia results showed leverage improvement, but helped by one-offs in EBITDA. Its medium-term leverage target was confirmed https://mni.marketnews.com/3FSIag4.
High-rated Enexis issued 8Y and 12Y paper with -3bp and +8bp NICs to our FV https://mni.marketnews.com/42hRPUO.
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CROSS ASSET: Some recovery from the Lows in Bonds
Mar-05 14:03
- Bund and wider Govies are recovering from their previous lows, the German Syndication is out of the way and the US ADP miss has been helping.
- The US Emini also hovers at the low on the back of the Data.
- Desks will now be Watching the US Cash Equity open in 30 minutes, followed by Factory orders, but more importantly the ISM Services and it components.
- The US services PMIs and Durable Goods will be final reading Today.
STIR: SOFR Options Update
Mar-05 14:01
- Mostly call spread buying and selling into firmer implied vol:
- Block/screen +8,000 SFRZ5 95.50 puts, 3.5
- -2,000 SFRZ5 96.37 straddles 68.5 ref 96.41
- -2,000 SFRM5 96.00 straddles 29.0 ref 96.00
- +10,000 0QM5/0QU5 97.50 call spds 5.25
- +10,000 0QM5 97.00/97.50 call spds, 6.5 ref 9651
CANADA DATA: Canadian Labor Productivity in Q4 Shows Fastest Growth In A Year
Mar-05 13:51
- Canadian businesses Q4 labor productivity +0.6%, the highest in a year.
- For 2024, +0.6% after three years of decline.
- Business output doubled in Q4 +0.8% QOQ driven by service sector. Hours worked +0.2%, half the rate of Q3.
- YOY productivity in Q4 +0.8%.
