CREDIT SUPPLY: Anglo American Tender
Feb-26 12:10
"*ANGLO AMERICAN TENDER FOR CERTAIN 2027 TO 2029 USD, EUR NOTES" - BBG...
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SONIA: Large Call Fly seller
Jan-27 12:03
0NM5 96.10/96.30/96.50c fly, sold at 2 in 16k.
SONIA: SONIA FIX - 27/01/25
Jan-27 11:59
SONIA FIX - Source: BBG/ICE
- 1M 4.54950
- 3M 4.49540
- 6M 4.41300
- 12M 4.29710
EGBS: 10-year RAGBs Underperform Semi-core Peers Following Syndication Mandate
Jan-27 11:59
The 10-year RAGB/Bund spread has widened ~2bps since this morning’s dual-tranche syndication mandate, now at 37bps. This leaves 10-year RAGBs underperforming semi-core peers (Netherlands, Ireland, Belgium, Portugal and France) intraday.
- The timing of Austria’s first syndication had been uncertain due to questions surrounding the budget outlook. MNI had looked for a transaction this week or in the first half of February – with a lean towards the latter.
- A new 10-year Feb-25 RAGB maturing 20 February 2035 will be launched alongside a tap of the 1.85% May-49 Green RAGB – in line with MNI’s expectations.
- A reminder that the EU decided not to proceed with an Excessive Debt Procedure on Austria earlier this month, after negotiators attempting to form a right-wing coalition presented a E6.4bln savings plan.
- On Jan 10, Fitch revised Austria’s outlook to Negative from Stable (rating affirmed at AA+).
- As of Q3 ‘24, the 4Q rolling sum of the budget balance was -3.7% of GDP (vs -3.3% in Q2). Both Bloomberg analysts and the EC expect the 2024 budget balance to print at -3.6% of GDP, down from -2.6% in 2023.
