POWER: Scottish Council Give Nod for 2GW Offshore Wind Farm
The Scottish Highland Council has endorsed the offshore plans for the 2GW West of Orkney Windfarm, with operations due to begin by 2029, according to the council, cited by Renews.biz.
- The project now awaits final approval from Scottish Ministers.
- The 125-turbine wind farm is being developed by Corio Generation, Total Energies and RIDG.
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US TSY FUTURES: Modest Positioning Swings On Monday
OI data points to a mix of net long setting (TU & FV), net long cover (TY) and net short setting (UXY, US & WN) during Monday's twist steepening of the futures curve.
- The positioning swings were relatively limited with only TY topping $1mln in DV01 equivalent terms.
| 10-Feb-25 | 07-Feb-25 | Daily OI Change | OI DV01 Equivalent Change ($) |
TU | 4,098,848 | 4,097,189 | +1,659 | +61,118 |
FV | 6,396,674 | 6,392,250 | +4,424 | +182,357 |
TY | 4,887,581 | 4,911,751 | -24,170 | -1,544,221 |
UXY | 2,272,576 | 2,266,406 | +6,170 | +539,443 |
US | 2,004,248 | 2,001,799 | +2,449 | +309,039 |
WN | 1,798,515 | 1,794,493 | +4,022 | +767,197 |
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| Total | -5,446 | +314,932 |
GILT SYNDICATION: Record size, record book, but which bucket will be reduced?
Putting that syndication size in context. It's the largest ever at GBP13bln.
- Previous largest was GBP12.0bln in May 2020 (10-year). And larger than the GBP11.0bln sold in June 2024 (the previous 10-year).
- It's also a record book size for a gilt syndication - the record being the GBP119.3bln for the 15-year syndication last month.
- Question is now... There's only GBP1.2bln in the unallocated bucket. So where is the other GBP1.8bln coming from? Smaller medium-dated bucket could easily accommodate GBP1.0bln or so.
- But will there be more taken from elsewhere or will this mean a much smaller auction next month of the gilt issued today?
JPY: A reversal in the Yen
- A full spin Cycle in the Yen, after spiking earlier with no clear trigger, it is now back at session lows against the EUR, GBP, and the USD.
- As we have previously mentioned, crosses are still mostly within ranges, and the USDJPY would need a test all the way to 152.54 to just test Yesterday's high.
