RIKSBANK: VIEW: Goldman Sachs The Last "March Cut" Domino To Fall
Feb-06 14:46
Goldman Sachs no longer expect the Riksbank to cut rates in March, following this morning's inflation report. None of the analysts that MNI tracks now look for a March cut, with Swedbank and JP Morgan making similar forecast revisions earlier today. More from Goldman:
- "Given our assessment that US tariffs and the growth drag from trade policy uncertainty will weigh on growth in Sweden, we, continue to see more easing than the Riksbank is currently guiding for".
- "Contingent on signs of the trade policy uncertainty hit becoming more visible in the upcoming months, we now expect the Riksbank to ease at the June and September meetings (vs March and June before) arriving at the same terminal rate of 1.75%, slightly below our estimate of neutral. However, we see risks for less easing".
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EURIBOR OPTIONS: Upside call spread
Jan-07 14:43
Euribor upside, looking for deeper cut into the end of the Year.
- ERZ5 99.00/100.00cs, bought for 2.75 in 6k.
EGB SYNDICATION: Slovenia 30-year: Allocations out
Jan-07 14:39
- Size set earlier: E1bln (MNI expected E1.0-1.5bln)
- Spread set earlier at MS+128bp (Guidance was MS+140bps area then MS+135bps area)
- Books in excess of E2.1bln (inc E410mln JLM interest)
- Maturity Date: 14 April 2055
- HR: 93% vs 2.50% Aug-54 Bund
- Settlement Date: 14 January 2025 (T+5)
- Joint Bookrunners: Deutsche Bank, Erste Group, Goldman Sachs Bank Europe SE, HSBC, J.P. Morgan (B&D) and OTP Banka Slovenia
- ISIN: SI0002104873
- Timing: Pricing to follow
From market source
EGB SYNDICATION: Belgium 10-year: Allocations out
Jan-07 14:30
- Size set earlier E7bln (in line with MNI expectations and same as 2023/24 10-year syndis)
- Spread set earlier at MS+66bps (guidance was +68bps area)
- Books closed in excess of E89bln (ex JLM interest)
- Maturity: 22-June-2035
- HR 103% vs 2.60% Aug-34 Bund
- 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: Allocations out, hedge deadline 14:50GMT / 15:50CET. Pricing to follow
From market source
