EMISSIONS: UK Emissions May Rise By 9mtpa On Heathrow Expansion
Feb-27 16:24
UK aviation emissions could rise by 9.43mn ton CO2e per year by 2030 if the proposed third runway at Heathrow Airport is implemented, according to IBA NetZero.
- The group forecasts incremental emissions are nearly at 30% of the UK’s total aviation emission in 2023, according to data from Transport & Environment.
- To address these environmental concerns, Heathrow has expanded its SAF incentive scheme, targeting 3% SAF usage in 2025 and 11% by 2030.
- However, IBA forecast that the planned 11% usage in 2030 would only reduce emissions by 0.2mn ton CO2e.
- IBA suggests, instead, that an expansion of the aviation sector under the UK ETS could improve the environmental impact.
- The UK ETS currently only covers domestic flights, the EEA and Switzerland, while international flights, that account for most emissions, are exempted.
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EGB SYNDICATION: Austria dual-tranche: Priced
Jan-28 16:22
New 10-year Feb-35 RAGB
- Reoffer price 99.596 to yield 2.997%.
- Spread set earlier at MS+48bps (guidance was MS+51bps area)
- Size: E5bln inc E250mln retained (MNI expected E4.5-5.0bln including E250-500mln retention)
- Books closed in excess of E35bln (inc E3.15bln JLM interest)
- HR 98% vs 2.50% Feb-35 Bund +43.7bps (ref: 99.470 / 2.560%)
- Maturity: 20 February 2035
- Coupon: 2.95% Long first
- ISIN: AT0000A3HU25
1.85% May-49 Green RAGB tap
- Reoffer price 77.575 to yield 3.19%
- Spread set at MS+78bps (guidance was MS+80bps area)
- Size: E1.5bln inc E250mln retained (MNI expects E1.0-2.0bln)
- Books closed in excess of E15bln (inc E800mln JLM interest)
- HR 100% vs 1.25% Aug-48 Bund+43.0bps (ref: 74.110 / 2.760%)
- ISIN: AT0000A2Y8G4
For both:
- JLMs: BofA Securities, Deutsche Bank, Erste Group, J.P. Morgan, Morgan Stanley and Raiffeisen Bank International
- Timing: TOE 14:37GMT / 15:37CET. FTT immediately
From market source / Bloomberg
BTP: Spread To Bund Widens On Meloni Embezzlement Headlines
Jan-28 16:15
Headlines crossing from Reuters on Italian PM Meloni. Our Political Risk team are looking for further details:
- "ITALY'S PRIME MINISTER MELONI: UNDER INVESTIGATION FOR EMBEZZLEMENT" RTRS
"ITALY'S PRIME MINSITER MELONI: JUSTICE MINISTER AND OTHER GOVT OFFICIALS UNDER INVESTIGATION"
"ITALY PM MELONI: INVESTIGATION RELATED TO THE CASE OF REPATRIATED LIBYAN POLICE OFFICER"
Some widening in the 10-year BTP/Bund spread following those headlines. Spread now back at 108bps (vs 107bps this morning). BTP futures have fallen some 15 ticks, now back at 119.00 at typing (-6 ticks today).
FED: US TSY 2Y FRN AUCTION: NON-COMP BIDS $29 MLN FROM $30.000 BLN TOTAL
Jan-28 16:15
- US TSY 2Y FRN AUCTION: NON-COMP BIDS $29 MLN FROM $30.000 BLN TOTAL
