EU TRANSPORTATION: IAG; FY24 results
It finished the year doubling its 4Q EBIT and leaving FY EBIT margins as the highest in the sector now. It is nothing short of a stellar post-covid run from the British Airways and Spanish Iberia and Vueling parent. Unfortunately the strong BS governance we often flagged has backfired with it tendering down near half of its outstanding debt earlier this year - signs are continued deleveraging unless M&A (as expected given it tendered low coupon bonds). Confirms that means no refi supply for €500m 25s.
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EURIBOR OPTIONS: Call spread seller
ERM5 97.8125/97.9375cs, sold at 3.75 in 4k.
RIKSBANK: Thedeen Suggests 2.25% Rate Could Be Terminal
Governor Thedeen suggests that his best assessment at the current juncture is that rates remain at 2.25%. However, he stresses the uncertainty of the December rate path (which troughs at 2.25%). Incoming data and broader developments that may impact the inflation outlook will continue to be assessed.
GREECE T-BILL AUCTION RESULTS: 13-week GTB
| Type | 13-week GTB |
| Maturity | May 2, 2025 |
| Amount | E500mln |
| Target | E500mln |
| Previous | E500mln |
| Avg yield | 2.37% |
| Previous | 3.00% |
| Bid-to-cover | 2.45x |
| Previous | 1.44x |
| Previous date | Dec 31, 2024 |
