CONSUMER STAPLES: Primary closed

• Final spread guidance at +25.5 to +26.0bps vs the 2.50% Feb-35 Bund (ISIN: DE000BU2Z049).
• (Initial spread guidance was +25.0 to +28.0bps then revised to +25.0 to +26.5bps).
• Books in excess of E19bln
• ISIN: NL0015002F72

• Spread guidance revised to +25.0 to +26.5bps vs the 2.50% Feb-35 Bund (ISIN: DE000BU2Z049).
• (Initial spread guidance was +25.0 to +28.0bps).
• Books in excess of E26bln
• ISIN: NL0015002F72

Reuters carrying comments from Kremlin spokesperson Dmitri Peskov, speaking on major developments in the war in Ukraine, including possible sanctions relief and US President Donald Trump's decision to pause military aid to Ukraine.

• Peskov said it’s “too early to comment” on reports that the Trump administration is looking at possible sanctions relief for Russia but notes that sanctions are “illegal” and need to be lifted in order to normalise relations.
• Reuters reported overnight that the White House, “has asked the State and Treasury departments to draft a list of sanctions that could be eased for U.S. officials to discuss with Russian representatives in the coming days as part of the administration's broad talks with Moscow on improving diplomatic and economic relations.”
• The report adds: “The sanctions offices are now drawing up a proposal for lifting sanctions on select entities and individuals, including some Russian oligarchs…” The report also notes that sanctions on Russia’s oil sector could be eased to allow more punitive measures against Iran’s oil exports.
• Peksov: “Seems as if European countries will try to compensate Ukraine for the apparent loss of US military aid… We need to see how the situation develops on the ground… It is obvious that the US was the main supplier of this war.”
• Peskov: “If the United States stops these supplies, it will be the best contribution to the cause of peace… If the reports are true then this could encourage the Kyiv regime to seek peace.”