OPTIONS: Expiries for Mar13 NY cut 1000ET (Source DTCC)
* EUR/USD: $1.0800(E1.3bln), $1.0850-60(E1.5bln), $1.0957(E757mln) * USD/JPY: Y148.00($1.3bln) * USD...
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SPAIN T-BILL AUCTION RESULTS: 3/9-month Letras Results
| Type | 3-month letras | 9-month letras |
| Maturity | May 9, 2025 | Nov 7, 2025 |
| Amount | E1.1bln | E1.45bln |
| Target | E2-3bln | Shared |
| Previous | E814mln | E1.726bln |
| Avg yield | 2.431% | 2.248% |
| Previous | 2.493% | 2.485% |
| Bid-to-cover | 2.1x | 2.58x |
| Previous | 2.23x | 2.06x |
| Previous date | Jan 14, 2025 | Jan 14, 2025 |
EURIBOR OPTIONS: Call fly buyer
ERM5 97.9375/98.0625/98.1875c fly, bought for 3 in 6.5k.
BOE: Mann: Active doesn't mean "cut, cut, cut"; and doesn't mean 50bp next time
"I said in the speech, active doesn't mean cut, cut, cut. Cut is a level shift, which I thought was appropriate given the current conditions, given the spillovers through financial conditions from abroad, big cut domestic conditions, but also to communicate more effectively in a global capital markets context. But I have held for quite some time because of my concerns about structural impediments in the supply side of the economy that ultimately have been important for keeping inflation away from 2% those structural impediments continue to be in evidence in this economy. And so the notion that somehow 50 now, 50 next time, that would not be a full reading of what I have just said, very much, just on our last point so signal and noise, so you signal there a nominal neutral rate to sit around 3.0-3.5%"
