SNB: MNI SNB Preview: March 2025 - End In Sight, Question Is When

• Size: E2bln WNG
• Books in excess of E8.5bln (ex JLM interest)
• Spread set at MS+42bps (guidance was MS+45 area)
• Maturity: 26 February 2035
• Coupon: Long first
• Settlement: 24 February, 2025 (T+5)
• ISIN: EU000A1Z99W5
• Bookrunners: BofA (DM/B&D), DB, Santander
• Timing: Books to close at 10:00GMT / 11:00CET

From market source

German economy-wide production rose 0.7% M/M (swda) in November, and but fell 0.6% Y/Y.

• Released today for the first time, this new composite economic indicator “combines four short-term indices covering most of the non-financial business economy, namely the indices of production in industry, construction and the service sector and the deflated turnover index for trade. Due to the relatively broad coverage of the index, it provides a comprehensive picture of the monthly development of economic activity in Germany", Destatis adds.
• The index value is the weighted average of the four subindices.
• In 2023, it accounted for around 71% of total value generation in the German economy. Sectors not covered include public services, finance and insurance services, agriculture, and a small "other services" group.
• Compared to GDP, the new index also does not deduct intermediate inputs, but only measures total production output. "GDP and the production index for the economy as a whole only develop similarly if the share of intermediate consumption in the production value i.e. the intermediate input ratio, remains constant."
• Destatis plans to reduce the time lag of the production index in the future.

MNI speaks to former BOJ executive director Kenzo Yamamoto..-On MNI Policy MainWire now, for more details please contact sales@marketnews.com