TURKEY: Business Groups Eye Export Boost on Any Softening of Russian Sanctions
Feb-21 08:32
- On the prospect of a relief on Russian sanctions, the deputy chair of the IHKIB cites expectations that Turkey could receive a $1bln boost to exports across the ready-to-wear sector.
- Ekonomi write on mortgage rates, highlighting that monthly mortgage rates did not fall below 2.79% despite expectations of a further decline, two CBRT policy rate cuts as well as slowing inflation in Turkey. As a result, they conclude that monthly mortgage rates below 1% are "far-fetched".
- Datapoints are few and far between Friday, although tourist arrivals data out this morning showed foreign visitor numbers rising 6.1% Y/Y, below the recent peak of 9.3% in October.
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EGB SYNDICATION: Spain 10-year Obli: Books open
Jan-22 08:32
- Guidance: 3.45% Oct-34 Obli (mid) +8bp area
- Size: EUR benchmark (MNI expects E10-15bln)
- Maturity: 30 April 2035
- Coupon: Short first
- ISIN: ES0000012O67
- Settlement: 29 January 2025 (T+5)
- Bookrunners: BBVA, CACIB, DB (B&D/DM), JPM, MS, SANTANDER
- Timing: Books open, today's business
From market source
BUNDS: BTP/Bund spread targets the December low
Jan-22 08:32
- French OAT and the BTP have been helping the German Bund back through its opening gap, small immediate resistance was seen at 132.14 Yesterday, and the contract printed a 132.15 high, this remains.
- Above that area, it opens to 132.41, but better is seen at 132.57.
- The price action is pushing the BTP/Bund spread towards 106.16bps, the December low, and tightest printed spread since October 2021.
(Chart source: MNI/Bloomberg):
EGBS: /SWAPS: Citi: Periphery Looks Attractive Vs Swaps
Jan-22 08:27
Citi note that “EGB supply pressure has likely peaked. There also seems little EGB supply indigestion so far. While these concerns remain, we find the overall risk-reward tilted supportive towards EMU periphery vs swaps.”
- They “especially like PGBs for this given we don’t expect the next syndication until April and today’s buyback absorbs some of the duration. This informed our recommendation last week to buy 20yr PGBs vs. swaps following the underperformance of the sector on the curve.”
