EMISSIONS: Application for Ultra Small Emitter Exemption Under UK ETS Now Open
Mar-27 08:43
Installations emitting less than 2,500 tonnes CO2e annually can now apply for Ultra Small Emitter (USE) status, receiving exemption from the UK ETS for the 2026–2030 period, the UK government announced.
- Even after registering as a USE, operators must continue monitoring emissions and inform the regulator if they exceed the threshold.
- Operators applying for USE status can also make an application for free allocation at the same time.
- Operators wishing to secure USE status for the 2026–2030 period must submit their applications between1 April to 30 June 2025.
Want to read more?
Find more articles and bullets on these widgets:
Historical bullets
BUNDS: /SWAPS: Swap Spreads Remain Under Pressure On Debt Brake Reform Risk
Feb-25 08:40
BBG headlines note that German 10-Year swap spreads hit an all-time low.
- The headline is based on closing levels if quoting conventional swaps vs. Bunds, spread last ~-8bp, all-time intraday low at -9.26bp.
- Although both Bund vs. 3-month & 6-month Euribor ASWs are at all-time lows, just for completeness.
- Debt brake reform odds continue to weigh on long dated swap spreads/ASWs..
- We've written a lot about how fundamentals continue to screen bearish for long end swap spreads, although debt brake negotiations and already short positioning in spreads may promote vol.
STIR: SFRN5 96.50/97.00 Call Spread Blocked
Feb-25 08:27
Latest block trades lodged at 07:56:05 London/02:56:05 NY:
- SFRN5 96.50/97.00 call spread 2.5K lots blocked at 4.25, CME indicates a buyer.
- Another ~3.2K traded on screen around the block.
EGB SYNDICATION: Spain long 15-year Obli: Books open
Feb-25 08:23
- Guidance: 3.90% Jul-39 Obli (mid) + 11bps area
- Size: EUR benchmark (MNI expects E5-10bln)
- IOIs in excess of E65bln (incl. E6.5bln JLM interest)
- Maturity: 31 January 2041
- Coupon: Short first to 31 January 2026
- Settlement: 4 March-2025 (T+5)
- ISIN: TBC
- Bookrunners: BARCLAYS / CACIB (B&D/DM) / GSBE SE / HSBC / NOMURA / SG
- Timing: Books open, today's business
From market source
