FINANCIALS: Commerzbank Calls April 9th AT1 Notes
Feb-12 14:50
*COMMERZBANK TO REDEEM UNDATED TIER 1 NOTES ON APR. 9 - bbg CMZB 7% Perp - they were trading to cal...
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BOE APF SALES RESULTS: Detailed results
Jan-13 14:50
All sales are of the 0.125% Jan-28 gilt in the last operation its eligible to be sold in.
| Short Gilts | Bids received | BOE sells | WAAP | Prev bids | Prev sales |
| 4.25% Dec-27 | Gilt maturity | too short | (below 3y) | GBP419.5m | GBP144.6m |
| 0.125% Jan-28 | GBP1,322.2m | GBP749.9m | 88.265 | GBP1,407.9m | GBP655.3m |
| 1.625% Oct-28 | GBP144.4m | GBP0.0m | GBP0.0m | GBP0.0m | |
| 6.00% Dec-28 | GBP0.0m | GBP0.0m | GBP0.0m | ||
| 0.50% Jan-29 | GBP85.8m | GBP0.0m | GBP173.2m | GBP0.0m | |
| 0.875% Oct-29 | GBP34.1m | GBP0.0m | GBP14.7m | GBP0.0m | |
| 0.375% Oct-30 | GBP0.0m | GBP0.0m | GBP0.0m | ||
| 4.75% Dec-30 | GBP95.4m | GBP0.0m | GBP0.0m | GBP0.0m | |
| 0.25% Jul-31 | GBP0.0m | GBP9.3m | GBP0.0m |
BOE APF SALES RESULTS: GBP750mln of short-dated gilts with bid-to-cover of 2.24x
Jan-13 14:48
Previous bid-to-cover ratios: most recent first: 2.53x, 3.22x, 1.84x, 1.64x.
Note previous operations had GBP800mln size.
US OUTLOOK/OPINION: Analysts See Close Call Between 0.2/0.3% M/M For Core CPI
Jan-13 14:44
- Wednesday’s US CPI report headlines the weekly calendar, with Bloomberg consensus currently looking for a 0.2% M/M print for core CPI in what’s a close call with a 0.3% M/M.
- Indeed, our initial review of 13 unrounded analyst estimates sees these generally more detailed projections centered around 0.25% M/M for core CPI in December.
- That would be a moderation from the 0.31% M/M in November and four months oscillating between 0.28-0.31% M/M since August.
- Initial core PCE estimates meanwhile point to a softer outright print, averaging 0.21% M/M (initial range of 0.19-0.27), but directionally it's different as it would be an acceleration after a soft 0.115% M/M in Nov. Prior to that soft spot, core PCE had averaged 0.26% M/M in Sep-Oct.
- Tomorrow’s PPI report will no doubt impact core PCE tracking before a greater convergence in analyst estimates after CPI on Wednesday.
- There's a greater difference between unrounded estimates and the broader median when it comes to headline CPI tracking, however. Unrounded analyst estimates average 0.39% M/M, and whilst 20 of 48 Bloomberg estimates look for a 0.4% increase, 24 look for 0.3% and 4 look for just 0.2%, leaving an overall average of 0.33% M/M.
