CONSUMER CYCLICALS: PostNL: requests government support, leaks say denied
Feb-21 08:46
(PNLNA: NR/BBB Neg) PostNL this morning: "People in the Netherlands send and receive less and less ...
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ECB: Lagarde: Energy Prices "Might Have A Real Impact"
Jan-22 08:40
Lagarde plays down the need for forward guidance, in line with GC colleagues over the last few weeks (e,g Nagel and de Guindos): “We have a method, we will apply the method, and we will take all the data that comes in. And data is going to be fascinating, as I said, the price of energy is going to be something that might have a real impact”.
- Earlier, when speaking about why the ECB has not cut by 50bps yet, Lagarde pointed the earlier start to the cutting cycle (e.g. compared to the Fed).
EGB SYNDICATION: Spain 10-year Obli: Books open
Jan-22 08:32
- Guidance: 3.45% Oct-34 Obli (mid) +8bp area
- Size: EUR benchmark (MNI expects E10-15bln)
- Maturity: 30 April 2035
- Coupon: Short first
- ISIN: ES0000012O67
- Settlement: 29 January 2025 (T+5)
- Bookrunners: BBVA, CACIB, DB (B&D/DM), JPM, MS, SANTANDER
- Timing: Books open, today's business
From market source
BUNDS: BTP/Bund spread targets the December low
Jan-22 08:32
- French OAT and the BTP have been helping the German Bund back through its opening gap, small immediate resistance was seen at 132.14 Yesterday, and the contract printed a 132.15 high, this remains.
- Above that area, it opens to 132.41, but better is seen at 132.57.
- The price action is pushing the BTP/Bund spread towards 106.16bps, the December low, and tightest printed spread since October 2021.
(Chart source: MNI/Bloomberg):
