HEALTHCARE: Sandoz (SDZSW: Baa2/BBB): CHF Issuance relevant for GALDSW
* Guidance on the 8yr is SARON ms+88-93 * GALDERMA printed 8yr SARON MS+117 on 10th March...
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BOE: Mann: Need to see evidence that she's right to vote to cut 50bp again
More from Mann on whether 50bp cut next time: "I need to see evidence. I need to see that I'm right with regard to wage settlements being moderate and pricing power being being you know that for that firms have less pricing power. I need to see evidence I am making a judgment based on labor market data, based on that really detailed data on the CPI elements, I'm making a judgment that I will see moderation in wage developments, that I will see moderation in pricing power, more broadly throughout the economy. We need to see evidence that I'm right on that,"
SPAIN T-BILL AUCTION RESULTS: 3/9-month Letras Results
| Type | 3-month letras | 9-month letras |
| Maturity | May 9, 2025 | Nov 7, 2025 |
| Amount | E1.1bln | E1.45bln |
| Target | E2-3bln | Shared |
| Previous | E814mln | E1.726bln |
| Avg yield | 2.431% | 2.248% |
| Previous | 2.493% | 2.485% |
| Bid-to-cover | 2.1x | 2.58x |
| Previous | 2.23x | 2.06x |
| Previous date | Jan 14, 2025 | Jan 14, 2025 |
EURIBOR OPTIONS: Call fly buyer
ERM5 97.9375/98.0625/98.1875c fly, bought for 3 in 6.5k.
