US STOCKS: Narrow Ranges Ahead Weekend, Earnings Resume Monday
Apr-25 15:51
* Stocks are trading mixed ahead midday Friday - relatively stable after another long week fraught...
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OPTIONS: Expiries for Mar27 NY cut 1000ET (Source DTCC)
Mar-26 15:47
- EUR/USD: $1.0750(E1.5bln), $1.0770-90(E719mln), $1.0800(E2.0bln), $1.0820-25(E1.4bln), $1.0850-65(E1.9bln)
- USD/JPY: Y150.00($684mln), Y155.00($902mln)
- GBP/USD: $1.2900(Gbp812mln)
- AUD/USD: $0.6220(A$717mln), $0.6450(A$771mln)
- USD/CNY: Cny7.2850($671mln)
UK DMO UPDATE: Programmatic Gilt Tender Provisional Calendar
Mar-26 15:46
- The DMO has set out a provisional calendar for the programmatic gilts (right at the end of the consultation agenda).
- There are 2 short, one short or long and one linker tender provisionally planned for the quarter.
- This suggests, that as we noted earlier, that from the unallocated bucket there could be more heading towards the short bucket than has been seen in previous years.
- So suggests a higher proportion of short issuance vs medium/longs than the original remit breakdown suggested (we still think that the syndications will mostly be upsized, however, and this will add to medium / long issuance in the usual way).
UK DMO UPDATE: Consultation Agenda Highlights
Mar-26 15:37
- 2 syndications planned: A new/existing long in May 2025 and a new/existing linker in June 2025.
- In addition to the first three weeks of April (already scheduled) the DMO plans:
- 5 further short auctions: 4.375% Mar-28 gilt (twice), 4.375% Mar-30 (up to twice more plus 9 April), 4.00% Oct-31 gilt (at least once).
- 4 further medium auctions: 4.50% Mar-35 (plus 15 April), 4.375% Jan-40 gilt (plus 3 April), 0.875% Jul-33 Green gilt (once). There is no guidance as to the third gilt - we would assume either the 4.50% Mar-35 or 4.375% Jan-40 gilt are options here. We favour the former despite the Green reopening.
- 2 further long auctions: 4.75% Oct-43 gilt (once), 4.00% Oct-63 gilt (once) (plus the already mentioned 4.375% Jul-54 gilt on 8 April).
- No guidance on the programmatic tenders - other than seeking views.
