PLN: Zloty Respecting Recent Range as CE3 FX Performance Diverge
Sep-25 11:28
EURPLN edged higher to a near 1-month high yesterday, but more broadly, the cross continues to trade...
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EGB SYNDICATION: Austria New 7-Year RAGB: Allocations Out
Aug-26 11:19
- E3bln WNG (excl. E250mln issuer retention) of the new 7-year Sep-32 RAGB
- Spread set earlier at MS+30 (guidance was MS+33 area)
- Books closed in excess of EUR 19bn, including EUR 1.8bn JLM interest
- Format: Reg S, Bearer, 144A eligible, CAC
- Settlement: 02 September 2025 (T+5)
- Maturity: 20 September 2032 (7Y)
- Coupon: TBD, Fixed, Ann., ACT/ACT (Long 1st to 20 September 2026)
- ISIN: AT0000A3NY15
- Bookrunners: BofA / DB(DM/B&D) / Erste Group / HSBC / JPM / Raiffeisen Bank International
- DB=DM/B&D. HR 103% vs DBR 1.7 08/15/32
- Hedge deadline 13.40CET / 12.40UKT
From market source
ESM ISSUANCE: USD2bln WNG New 5-Year: Mandate
Aug-26 11:14
- USD2bln WNG of the new 5-year Sep-30 ESM-Bond
- IPT: MS + 42 bps area (equiv. to CT5 + ~7.3bp)
- 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
- Settlement: 4 September 2025 (T+6 (TARGET) / T+5 (NY))
- Maturity Date: 4 September 2030 (5Y)
- Coupon: Fixed, Semi-annual, 30/360, Following, Unadjusted
- Bookrunners: CACIB(DM/B&D) / DB / JPM
- Timing: Taking IOIs today, expect to price tomorrow
From market source.
USD3bln of an ESM USD Bond will mature on September 10. That line was a 5-year issue also initially.
OUTLOOK: Price Signal Summary - GBPUSD Signals Remain Bullish
Aug-26 11:09
- In FX, despite Monday's move down, the trend set-up in EURUSD remains bullish and short-term weakness is for now considered corrective. Support at the 50-day EMA remains intact, at 1.1597. A clear break of it would signal scope for a deeper retracement and potentially expose key support at 1.1392, the Aug 1 low. For bulls, a stronger resumption of gains would open key resistance and the bull trigger at 1.1829, the Jul 1 high.
- A rally last Friday in GBPUSD signals the end of the recent corrective phase - Friday’s reversal pattern is a bullish engulfing candle. An extension higher would refocus attention on the short-term bull trigger at 1.3595, the Aug 14 high. Clearance of this level would signal scope for a climb towards 1.3636, the 76.4% retracement of the bear leg between Jul 1 and Aug 1. Key short-term support has been defined at 1.3391, the Aug 22 low.
- USDJPY traded sharply lower last Friday highlighting a potential bearish threat. The bear trigger has been defined at 146.21, the Aug 14 low. Clearance of this level would reinstate a downtrend and pave the way for an extension towards 145.40, the 50% retracement of the Apr - Aug upleg. For bulls, a resumption of gains would instead open 149.12, 61.8% of the Aug 1 - 14 bear leg. Key resistance is far off at 150.92, the Aug 1 high.
