LNG: Latam Feb LNG Imports Drop 42% Amid Soft Demand: Platts

Most EGB spreads are within 1bp of yesterday’s closing levels.

• A downtick in European equity indices counters tariff relief seen late Monday.
• BTP/Bunds just under 1bp wider at ~112bp, December closing lows at 106.4bp remain intact.
• OAT/Bunds ~0.5bp tighter at 71.5bp. OAT bulls are still unable to force a test of 70bp, with fiscal and political risks remaining evident over the medium term despite the socialist party noting that they will not support an upcoming censure motion against PM Bayrou (which triggered relief OAT tightening over the last 24 hours).
• RAGB supply presents the only conventional EGB auction today, although we remain on the lookout for syndications from Belgium, Germany and Italy (dependent upon market conditions).
• The potential for an Italian syndication may be weighing on BTPs.

• EUR Benchmark 12Y Fixed (Feb. 11, 2037) MS+120 Area
• Coupon: Annual, act/act ICMA
• Settlement: Feb. 11, 2025
• ISIN: XS2997390153
• Bookrunners: ERSTE, IMI - Intesa Sanpaolo, ING (B&D), JPM, MS
• Timing: May price today.

Details as per Bloomberg

• The Dollar is still paring some gains going int the European session, cross asset markets have stabilised somewhat, and the Swissy in back in the green vs the USD, albeit closer to flat.
• The USDJPY is slowly drifting back towards the 155.00 figure, but for now trades pretty much at today's mid 80 pips range, at 155.15.