IRAN: Russia Ready To Push For 'Reasonable Agreement w/US Before It's Too Late'

Apr-03 09:49

Russian Deputy Foreign Minister Sergei Ryabkov said on 3 April that Russia is ready to offer its help for the US and Iran to "reach a reasonable agreement before it is too late." The Russian gov't has offered itself as a potential mediator in any talks between the US and Iran, a scenario that just a few months ago would have been unthinkable but in the current international environment moves into the realms of a slim possibility. On 2 April, Ryabkov said that any US strike on Iran's nuclear facilities would be "catastrophic" following US President Donald Trump's threat of a major escalation against Tehran if talks on a new nuclear deal were not forthcoming. 

  • Axios reported on 2 April that Trump was considering Iran's offer of indirect talks after Tehran rejected Trump's offer of direct talks in a letter sent to Supreme Leader Ayatollah Ali Khamenei earlier in the year. Trump reportedly opening the door to indirect talks would usually see Oman - the go-to US-Iran go-between in recent years - called into service but a Russian role should not be discounted immediately.
  • French Foreign Minister Jean-Noel Barrot warned Iran that if there is not an agreement on curbing Iran's nuclear programme by the time the UN sanctions under the 2015 JCPoA expire in October, then "a military confrontation would seem to be almost inevitable
  • As Reuters notes, a full cabinet-level meeting on Iran is rare and highlights the rising concerns among the E3 (France, Germany UK) of direct US/Israel-Iran conflict. 

Historical bullets

STIR: SFRM5/Z5 Sold

Mar-04 09:47

Other recent flow in SFRM5/Z5 saw ~4.5 given at -39.0.

STIR: SFR Red Pack Blocked

Mar-04 09:46

Latest block trade lodged at 09:33:27 London/04:33:27 NY, SFR red futures pack (SFRZ5-U6) sees 4K blocked, looks like a seller with all prices executed through prevailing bids.

EGB SYNDICATION: DDA 10-year 2.50% Jul-35 DSL: Books to close at 11:15GMT

Mar-04 09:46
  • Final spread guidance confirmed earlier 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 approaching E27bln
  • ISIN: NL0015002F72
  • Timing: Books to close at 11:15GMT / 12:15CET