FINANCIALS: DB - New Issue - €1bn WNG 6NC5 Sr Non-Pref - FV

Bobl/Bund block trade suggest a steepener, perfectly weighted.

• RXH5 ~2.35k sold at 132.40.
• OEH5 ~4.95k bought for 117.25.

• RES 4: $34.903 - High Oct 23 and the bull trigger  
• RES 3: $33.125 - High Nov 1 
• RES 2: $32.338 - High Dec 12 and a key resistance  
• RES 1: $30.507 - 50-day EMA                             
• PRICE: $30.184 @ 08:07 GMT Jan 7  
• SUP 1: $28.748 - Low Dec 19        
• SUP 2: $28.446 - 76.4% retracement of the Aug 8 - Oct 23 bull cycle 
• SUP 3: $27.686 - Low Sep 6 
• SUP 4: $26.451 - Low Aug 8  

A bear cycle in Silver that started Oct 23 remains in play - for now - and recent gains are considered corrective. The metal has recently breached support at $29.642, the Nov 28 low. The break lower opens $28.446, a Fibonacci retracement. Note that moving average studies are in a bear-mode position highlighting a dominant downtrend. Key resistance has been defined at $32.338, the Dec 12 high. A break of this level would signal a reversal.

• EUR Benchmark 10Y Fixed (June 22, 2035) MS+68 Area
• Coupon: Annual, act/act, short first
• Issuer: Kingdom of Belgium Government Bond (BGB)
• Format: Reg S CAT1, dematerialized, senior unsecured, 144a eligible
• Settlement: Jan. 14, 2025
• Denoms: 0.01 x 0.01
• ISIN: BE0000363722
• Bookrunners: BNPP (B&D), CA-CIB, HSBC, JPM, MS

(As per Bloomberg).