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 (U...
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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
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