POWER: Poland's March Rebounds to Fresh High

Japanese firm Nippon Steel filed a lawsuit challenging US President Joe Biden for exercising "unlawful political influence" over a proposed USD$14.9 billion acquisition of US Steel. The decision to block the acquisition, formalised by Biden on Friday, threatens to drive a wedge between the two countries - each other’s top foreign investors.

• Nikkei reports: “Nippon Steel asked the court to set aside Biden's order... and to instruct the Committee on Foreign Investment in the United States (CFIUS) to conduct a new review of [the deal]”.
• Japanese Prime Minister Shigeru Ishiba told reporters today: "It is unfortunately true that there are concerns being raised within Japan's industrial world over future Japan-US investment… It's something we have to take seriously."
• Ishiba added: "...we will strongly call on the US government to take steps to dispel these concerns… They need to be able to explain clearly why there is a national security concern, or else further discussions on the matter will not work,"
• US President-elect Donald Trump said in a statement on Truth Social a short time ago: "Why would they want to sell U.S. Steel now when Tariffs will make it a much more profitable and valuable company?"
• The US Chamber of Commerce noted that Japanese investment supports nearly one million American jobs, warning the decision "could have a chilling effect on international investment in America.”

"The Republic of Slovenia, rated A3 (positive) / AA- (positive) / A (stable), has mandated Deutsche Bank, Erste Group, Goldman Sachs Bank Europe SE, HSBC, J.P. Morgan and OTP Banka Slovenia to lead manage a new benchmark EUR transaction with a 30-year tenor."

• "The deal is expected to be launched in the near future, subject to market conditions" (all details per Bloomberg)
• We expected a Slovenia syndication this week and saw scope for a 30-year SLOREP to be launched some time this year.

• +100,000 TYH5 106 puts, 14 ref  108-18.5 - total volume just over 105,900