FRANCE T-BILL AUCTION PREVIEW: On offer next week
France has announced it will be looking to sell up to a combined E6.6bln of the following BTFs at its auction next Monday, December 16:
- E0.4-0.8bln of the 8-week Feb 12, 2025 BTF
- E2.7-3.1bln of the 13-week Mar 19, 2025 BTF
- E1.1-1.5bln of the new 28-week Jul 2, 2025 BTF
- E0.8-1.2bln of the 50-week Dec 3, 2025 BTF
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GILT AUCTION RESULTS: New 4.375% Mar-28 Gilt
| 4.375% Mar-28 Gilt* | Previous | |
| Amount | GBP4.00bln | GBP4.00bln |
| Avg yield | 4.499% | 4.082% |
| Bid-to-cover | 3.12x | 3.29x |
| Tail | 1.0bp | 0.6bp |
| Avg price | 99.629 | 99.253 |
| Low price | 99.600 | 99.240 |
| Pre-auction mid | 99.240 | |
| Previous date | 23-Oct-24 | |
| Previous issue | 3.75% Mar-27 Gilt |
EURIBOR: EURIBOR FIX - 13/11/24
EURIBOR FIX - EMMI/Bloomberg.
- EUR001W 3.1470 0.0020
- EUR001M 3.0990 0.0110
- EUR003M 3.0230 -0.0110
- EUR006M 2.7790 -0.0180
- EUR012M 2.4950 -0.0070
SECURITY: Blinken Looks To Assure NATO, Ukraine, Europe As Trump Picks Def Sec
US Secretary of State Antony Blinken is in Brussels for talks with NATO Secretary General Mark Rutte, the outgoing and incoming EU High Reps. for Foreign Affairs and Security Policy Josep Borrell and Kaja Kallas, UK Foreign Secretary David Lammy, and Ukrainian Foreign Minister Andriy Sybiga in an effort to assure these organisations and countries of the US' continued commitment to its prominent role in European defence. Blinken says that the US is 'on track to push every dollar available to Ukraine', and that they 'will continue to adapt and just to ensure Ukraine is in the strongest position'.
- Blinken's visit has gained increased attention following US President-Elect Donald Trump's picks for key positions within the foreign policy sphere. Overnight, the Trump transition team confirmed that Fox and Friends host, author, and former soldier Pete Hegseth has been tapped as Secretary of Defence. The appointment garnered notable surprise given Hegseth's lack of experience within gov't or the Pentagon. In a podcast published last week Hegseth appeared to speak positively on the prospect of firing Chairman of the Joint Chiefs Gen. Charles Q. Brown Jr.
- The naming of Sen. Marco Rubio (R-FL) as Secretary of State and Rep. Mike Waltz (R-FL) as National Security Adviser could also cause jitters in Europe. While both are seen as well-versed in foreign policy issues, both are primarily China hawks who have advocated a shift in focus away from Europe and towards the Indo-Pacific.
