EGB SYNDICATION: 15-year SlovGB: Books open

• RES 4: 1.4671 2.0% 10-dma envelope
• RES 3: 1.4539 3.382 proj of the Oct 17 - Nov 1 - 6 price swing
• RES 2: 1.4508 3.236 proj of the Oct 17 - Nov 1 - 6 price swing
• RES 1: 1.4486 Intraday high  
• PRICE: 1.4449 @ 08:04 GMT Jan 20 
• SUP 1: 1.4364/4302 20-day EMA / Low Jan 15  
• SUP 2: 1.4280 Low Jan 6 
• SUP 3: 1.4226 50-day EMA
• SUP 4: 1.4011 Low Dec 5

The trend in USDCAD remains bullish and recent short-term weakness has proved to be corrective. The latest pause in the uptrend appears to be a flag formation - a bullish continuation signal. Note too that MA studies are in a bull-mode position, highlighting a dominant uptrend. Friday’s gains expose 1.4508 next, a Fibonacci projection level. 1.4364, the 20-day EMA, has been pierced. A clear break of it would open 1.4226, the 50-day EMA.

New long 3-year:

• Maturity: 27 July 2028
• Coupon: Short 1st
• Guidance: MS + 21 bps area
• Size: EUR Benchmark (MNI expects E3-5bln)
• ISIN: EU000A2SCAR0

New 10-year:

• Maturity: 29 January 2035
• Coupon: Long first
• Guidance: MS + 53 bps area
• Size: EUR Benchmark (MNI expects E3-5bln)
• ISIN: EU000A2SCAS8

For both:

• Total size: MNI expects E7-8bln
• Settlement: 27 January 2025 (T+5)
• Bookrunners: BARCLAYS / BNP / JPM (DM/B&D)
• Timing: Books open, today's business

From market source

Gilt calls, 91.48/91.69.