SECURITY: EU-Half A Billion To Go On Cable Defences As Baltic Incidents Continue
Wires reporting comments from European Commission Exec VP for Tech Sovereignty, Security and Democra...
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US: SOFR FIX - 22/01/25
SOFR FIX - Source BBG/CME
- 1M 4.30483
- 3M 4.29664
- 6M 4.26221
- 12M 4.20721
EU-BILL AUCTION RESULTS: 3/6-month EU-bills
| Type | 3-month EU-bill | 6-month EU-bill | 12-month EU-bill |
| Maturity | Apr 4, 2025 | Jul 4, 2025 | Jan 9, 2026 |
| Amount | E1.24bln | E1.35bln | E950mln |
| Target | E1.5bln | E1.5bln | E1.0bln |
| Previous | E1.391bln | E1.4bln | E1.449bln |
| Avg yield | 2.615% | 2.505% | 2.345% |
| Previous | 2.639% | 2.541% | 2.378% |
| Bid-to-cover | 1.45x | 1.73x | 2.94x |
| Previous | 1.91x | 2.16x | 3.09x |
| Previous date | Jan 08, 2025 | Jan 08, 2025 | Jan 08, 2025 |
IRELAND: Parliament Meets To Confirm New PM & Cabinet
The Dáil Éireann (lower house) meets for the first time in 2025 today to formally confirm Fianna Fáil (FF) leader Micheál Martin as Taoiseach (PM). The new gov't is similar in composition to that which governed Ireland from 2020-2024, with the centrist FF governing in coalition with the centre-right Fine Gael (FG).
- Change comes in the form of the environmentalist Greens being replaced as the smallest party in gov't by a group of independent members (TDs) (the Regional Independent Group of seven TDs and two independent TDs from Kerry).
- Martin's nomination is due to begin at 1100GMT. After a short series of speeches, Martin will be confirmed in a vote. With a gov't majority of nine seats, he is assured to win the Dáil's nomination. After this, he will travel to meet with President Michael D. Higgins to be officially appointed.
- After this, Martin will spend most of the afternoon appointing new ministers before the Dail reconvenes at 1730GMT to approve the incoming cabinet.
An immediate focus for the new gov't will be US President Donald Trump's efforts to 'onshore' US firms currently based abroad. As WaPo reports, "U.S. multinationals account for about three-quarters of corporate tax revenue, [...] Without the corporate taxes filling the coffers, Ireland would be running a deficit. As it is, the country recorded a surplus of 21.9 billion euros for 2024."
