POLAND: Ukraine Still Front & Centre, Finance Ministry Sells T-Bills
Feb-21 07:54
- Prime Minister Donald Tusk called for "financing further aid to Ukraine from frozen Russian assets, strengthening air policing, the Baltic sentry and the EU borders with Russia, [and] swiftly adopting new fiscal rules to finance EU security and defence." Finance Minister Andrzej Domanski echoed this call, noting that Poland regularly asks other EU countries to consider these solutions, but some remain opposed to using frozen Russian assets rather than just the interest earned on them.
- Onet ran a source report suggesting that US Defence Secretary Pete Hegseth told his Polish counterpart Wladyslaw Kosiniak-Kamysz that the US "is not going anywhere" despite its geopolitical pivot to the Indo-Pacific. Hegseth reportedly described Poland and Sweden as model allies in terms of military investment and posture. The article came out as concerns that the US could reduce its military presence in the region in response to Russian demands started to resurface.
- Foreign Minister Radoslaw Sikorski will hold talks with his US counterpart Marco Rubio later today. Rzeczpospolita reported that he is travelling to the US on the invitation of the US side.
- Poland will sell PLN2bn-4bn worth of 52-week T-bills later today.
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STIR: Euribor Futures Off Highs Alongside Bunds, More Dovish ERM5 Structures
Jan-22 07:53
Euribor futures are -0.5 to -1.5 ticks softer through the blues, off overnight highs alongside Bunds.
- ERM5 is -0.5 ticks at 97.780. We have seen several dovish option structures in this contract over the past three days.
- ECB-dated OIS continue to essentially fully price 25bp cuts at the January and March meetings, with 97bps of easing priced through year-end.
- Policymakers generally appear comfortable with market pricing in the near-term, with Dutch CB Governor Knot the latest to endorse Jan/March pricing.
- However, Knot did not express a need to bring policy below the neutral rate - unsurprisingly given his generally hawkish leanings.
- Meanwhile, Bank of Greece Governor Stournaras re-iterated his calls for gradual 25bp cuts towards 2%.
- Today’s regional data calendar is light, with focus on ECB speakers. President Lagarde is scheduled at 1505GMT/1605CET.
| Meeting Date | ESTR ECB-Dated OIS (%) | Difference Vs. Current Effective ESTR Rate (bp) |
| Jan-25 | 2.675 | -24.6 |
| Mar-25 | 2.439 | -48.2 |
| Apr-25 | 2.275 | -64.6 |
| Jun-25 | 2.119 | -80.3 |
| Jul-25 | 2.068 | -85.3 |
| Sep-25 | 1.998 | -92.3 |
| Oct-25 | 1.977 | -94.4 |
| Dec-25 | 1.944 | -97.7 |
| Source: MNI/Bloomberg. | ||
MNI EXCLUSIVE: MNI Looks At Friday's BoJ Decision
Jan-22 07:48
BOJ officials are watching markets closely ahead of Friday's meeting.-On MNI Policy MainWire now, for more details please contact sales@marketnews.com
EURIBOR OPTIONS: Call spread buyer
Jan-22 07:43
ERM5 98.12/98.25cs, bought for 0.75 in 3k.
