CREDIT SUPPLY: Lufthansa Perps (LHAGR: JrSub Ba1/BB/BB): FV 5.25%
Jan-08 09:28
IPT: EUR BMK 30NC6 Hybrid 5.75%a FV: Wide range on Sub_Sen: VW Baa2 Sub_Sen +220a; Accor BB Sub_Sen ...
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EQUITIES: Estoxx Synth Option trade
Dec-09 09:27
SX5E (20th June) 5000, bought the call for 0.10 in 3k (100del).
FOREX: FX Exchange traded Rolls
Dec-09 09:24
There's some small activity in the FX Exchange traded roll, this should start to pick up, as some Desks could favour taking advantage of the quieter Markets ahead of the US CPI and the ECB, expiry is next Monday 16th:
Roll pace:
- EUR: 11%.
- GBP: 12%.
- JPY: 22%.
- CHF: 5%.
- CAD: 11%.
- AUD: 7%.
- NZD: 7%.
EGBS: 10-year OAT/Bund Tighter Alongside Broader EGBs, Politics Still In Focus
Dec-09 09:14
- Further to the above, political machinations in France following last week’s no confidence vote remain a key focus for EGB markets. The 10-year OAT/Bund spread is ~0.5bp tighter today at 76bps.
- President Macron is set to meet with parliamentary groups this morning, with Le Parisien reporting that he hopes to name a PM tomorrow.
- Meanwhile, Budget Minister Saint-Martin has announced that the special law to keep the state running into the next year is “ready”.
- Although the 10-year OAT/Bund spread narrowed ~10bps from wides on a lack of further political escalation last week, the political and fiscal situation in France remains fragile, likely limiting the scope for further compression for now.
- Broader 10-year EGB spreads to Bunds continue to trade tighter this morning, but have moved away from from lowest levels as the China-driven bid in European equity futures fades a little.
