EU UTILITIES: Enel (Baa1/BBB/BBB+): FY Results Headlines
Mar-13 17:49
Net income beats expectations on asset sales and lower cost of debt. EBITDA in line with expectations. 2025 net income expected to be €6.9bn.
· "Adjusted net income EU7.14 billion, +9.6% y/y, estimate EU6.87 billion
· Adjusted Ebitda EU22.80 billion, +3.8% y/y, estimate EU22.77 billion
Net debt EU55.77 billion, -7.3% y/y, estimate EU54.87 billion" - bbg
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US TSYS/SUPPLY: WI 3Y
Feb-11 17:48
WI holding steady at 4.312% ahead of the $58B 3Y note auction (91282CMN8) cut-off at 1300ET, compares to last month's 4.332% high yield vs. 4.320% WI.
FED: US TSY 3Y AUCTION: NON-COMP BIDS $341 MLN FROM $58.000 BLN TOTAL
Feb-11 17:45
- US TSY 3Y AUCTION: NON-COMP BIDS $341 MLN FROM $58.000 BLN TOTAL
BONDS: EGBs-GILTS CASH CLOSE: Gilts Outperform As Supply, Energy Weigh On EGBs
Feb-11 17:43
Gilts outperformed Bunds Tuesday, with curves leaning bear steeper.
- Multiple factors weighed on European instruments starting in early trade. They included lingering US tariff concerns, higher oil and gas prices, and heavy sovereign supply (Italy the EU, the Netherlands, and Germany.)
- Not to be outdone on the latter, the UK saw a record-sized 10Y Gilt syndication and orderbook.
- BoE's Mann set a hawkish tone in the UK rates space by noting that her vote for a 50bp cut in February doesn't necessarily mean that she will vote for a 50bp cut in the upcoming meetings.
- The German curve bear steepened, with the UK's seeing underperformance in the 5-10Y segment.
- Periphery EGB spreads widened slightly in defiance of stronger equities, with BTPs underperforming.
- Wednesday's calendar includes Italian industrial production data, with appearances by BOE's Greene and ECB's Nagel - reminder that ECB's Elderson participates in an MNI Webcast. Global attention will be on US inflation data released in the European afternoon.
Closing Yields / 10-Yr EGB Spreads To Germany
- Germany: The 2-Yr yield is up 5.8bps at 2.084%, 5-Yr is up 7bps at 2.212%, 10-Yr is up 6.8bps at 2.43%, and 30-Yr is up 7.7bps at 2.692%.
- UK: The 2-Yr yield is up 3.8bps at 4.184%, 5-Yr is up 5.1bps at 4.198%, 10-Yr is up 5.1bps at 4.508%, and 30-Yr is up 4.3bps at 5.099%.
- Italian BTP spread up 1.2bps at 110bps / French OAT up 0.6bps at 77.8bps
