CONSUMER STAPLES: JAB Group; S&P moves to watch negative
Feb-13 15:13
(JABHOL; Baa1 Stable, BBB+ Watch Neg)
We flagged this was likely last week. Its on the acquisition of a life insurer (undisclosed amount) but S&P's concern is the share of public assets which it wants at 70% (was at 55%). JAB needs to delever which is unlikely to help it reach that threshold but equally it has few private companies in the pipeline to IPO.
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STIR: BoE Pricing Moves Towards 40bp Of Cuts For '25
Jan-14 15:06
GBP STIRs are a little more hawkish on the day.
- 40.5bp of cuts priced through year-end vs. last week’s extreme of ~39bp, ~2bp more hawkish on the day.
- SONIA futures little changed to -2.5, with some of last week’s lows pierced.
- Chancellor Reeves did little to placate fiscal concerns earlier today.
- CPI data eyed tomorrow, click for our full preview.
- BoE dovish dissenter Taylor will speak later on Wednesday (16:30 London).
- It will be interesting to see whether Taylor explicitly addresses the change in market prices, given the moves since the release of the BoE’s MPR forecasts.
- The views of the three dissenters in the December MPC Minutes described the “sluggish demand and a weakening labour market, now and in the year ahead, both of which would see further downward pressure on demand, wages, and prices.” And noted that “given the evolving balance of risks, a less restrictive policy rate was warranted” in the view of the three dissenting members.
| BoE Meeting | SONIA BoE-Dated OIS (%) | Difference vs. Current Effective SONIA Rate (bp) |
| Feb-25 | 4.547 | -15.3 |
| Mar-25 | 4.531 | -16.9 |
| May-25 | 4.451 | -24.9 |
| Jun-25 | 4.416 | -28.5 |
| Aug-25 | 4.354 | -34.6 |
| Sep-25 | 4.347 | -35.3 |
| Nov-25 | 4.306 | -39.4 |
| Dec-25 | 4.295 | -40.5 |
EQUITIES: EU Bank more outright Put buyer
Jan-14 15:06
SX7E (21st Mar) 130p, bought for 0.80 in 6k.
EQUITIES: EU Bank put buyer
Jan-14 15:03
SX7E (21st Feb) 145p, bought for 1.50 in 10k.
