CREDIT SUPPLY: Forvia: IPT

Most Desks will be starting to look at rolling their March Positions into June, pace should be expected to pick up towards the end of the Week, and will be completed next Week.

JPM:

• WNA: Bullish.
• USA: Bullish.
• UXY: Mildly bearish.
• TYA: Mildly bearish.
• FVA: Bearish.
• TUA: Bearish.

UBS:

• UBS recommend selling the Gilt March future and buying the June future "owing to valuations, a high switch potential and given positioning appears on the long side."

We had expected a transaction to take place today or tomorrow, and had pencilled in a E2-3bln size. The maturity of 10-years is broadly in line with our expectations, as the ESM hasn’t issued a bond with longer than 10.5 years to maturity since 2018.

Details below as per Bloomberg:

• EU2b WNG 10Y Fixed (Feb. 26, 2035) MS+45 Area.
  • Coupon: Annual, act/act, long first
• Settlement: Feb. 24, 2025
• ISIN: EU000A1Z99W5
• Bookrunners: BofA (B&D), DB, Santander
• Timing: May price today.

MNI speaks to Fudan University researcher and central bank advisor Sun Lujian about PBOC policy --- On MNI Policy MainWire now, for more details please contact sales@marketnews.com