POWER: Statnett Updates Timeline for Norway's Connection to MARI and PICASSO.
Feb-06 09:44
Statnett has updated the timeline for connecting Norway and the Nordic region to the European reserve trading platforms, MARI and PICASSO, with the new connection to MARI expected by the end of 2026/2027 and PICASSO one year later, the TSO said.
- The revised timeline will allow Statnett and other Nordic TSOs more time to complete IT development and the contractual framework for platform connection.
- Norway’s energy regulator RME had previously granted Statnett a two-year exemption for the connection, valid until 24 July 24.
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SPAIN T-BILL AUCTION RESULTS: 6/12-month letras
Jan-07 09:41
| Type | 6-month letras | 12-month letras |
| Maturity | Jul 4, 2025 | Jan 9, 2026 |
| Amount | E2.026bln | E4.179bln |
| Target | E5.5-6.5bln | Shared |
| Previous | E1.984bln | E2.8bln |
| Avg yield | 2.535% | 2.367% |
| Previous | 2.552% | 2.207% |
| Bid-to-cover | 1.75x | 1.37x |
| Previous | 1.71x | 1.86x |
| Previous date | Dec 03, 2024 | Dec 03, 2024 |
GILTS: 30-Year Gilt Yields Hit Highest Since '98
Jan-07 09:36
30-Year gilt yields hit the highest level seen since ’98, printing 5.211%.
- 5.25% presents the next logical upside target.
- Very old (1998) broken support on the monthly chart, located at 5.255%, could also act as resistance.
- Fiscal/issuance risks a key driver here, while a tentative/cautious BoE cutting cycle and stickier inflation factor into higher yields across the curve.
- Presence of today's 30-Year supply also a factor intraday
- Higher yields increase the risks to Chancellor Reeves already limited fiscal headroom, boosting odds of further tax hikes (which would act as a growth impediment).
Fig. 1: UK 30-Year Gilt Yield
Source: MNI - Market News/Bloomberg
EGB SYNDICATION: Belgium 10-year: Spread set
Jan-07 09:34
- Spread set at MS+66bps (guidance was +68bps area)
- Size: EUR Benchmark (MNI expect E7bln with upside risks)
- Books in excess of E67bln (ex JLM interest)
- Maturity: 22-June-2035
- Settlement: 14-January-2025 (T+5)
- Coupon: Annual ACT/ACT, short first to 22-June-2025
- ISIN: BE0000363722
- Bookrunners: BNPP (DM/B&D) / CACIB / HSBC / JPM / MS
- Timing: Books to close at 10:00GMT / 11:00CET; open, today's business
From market source
