EU FINANCIALS: Vienna Insurance - New Issue - 300m WNG 20NC10 Tier 2 Sust. - FV
Mar-26 08:42
- IPT: MS+220
- FV: MS+195 - Maintaining a constant distance between the VIGAV 4.875% and the UQA/AXASA curves - after adjusting the UQA curve upwards for the low price of the UQA 2.375% 's. One could argue the curve should be flatter based on SCOR or SLHNVX but we favour the larger issues and complete shape of the AXA curve.
- This arguably makes the SCOR 1.375% and SLHNVX 4.241% looks relatively unattractive / their curves look relatively flat.
- Ratings: A- (S&P)
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CROSS ASSET: Some early reversals in European cross assets
Feb-24 08:34
- Some early unwind in Europe, the Estoxx futures has fully pared the overnight gains to close its opening gap down to 5450.00, printed a 5448.00 low.
- Bund seems to be heading the same way, the opening gap for the contract, would be up to 132.60, ahead of the Initial resistance at 132.97.
- The Dollar is still in the red against G10s, but the Currency is paring losses, to edge towards flat on the Day, EURUSD is still up a small 0.19%.
STIR: J.P.Morgan Recommend Receiving 1y1y €STR
Feb-24 08:25
J.P.Morgan recommend receiving 1y1y €STR.
- They believe that “the €STR curve is not pricing enough downside risk-premium”, with growth remaining on a soft trajectory and the U.S. tariff backdrop further tilting economic risks to the downside.
- They acknowledge that they “do not expect any sharp sustained repricing lower of terminal rate expectations over the near term but a gradual decline over the coming months and therefore prefer to trade tactically at the front-end of the curve”.
CROSS ASSET: MONTH END EXTENSION
Feb-24 08:22
Bloomberg Bonds:
- US Tsys: +0.12yr (Large).
- EU Govies: +0.08yr (Average).
- UK Govies: -0.03yr (non event).
- JGBs: +0.04yr (small).
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