EUROZONE T-BILL ISSUANCE: W/C February 24, 2025
Feb-21 16:23
Germany, France, Austria, and Italy are all due to sell bills next week. We expect issuance to be E19.3bln in first round operations, up from E19.0bln this week.
- On Monday morning, Germany will sell E2bln of the 3-month May 14, 2025 bubill and E2bln of the 9-month Nov 19, 2025 bubill.
- On Monday afternoon, France will come to the market to sell up to a combined E7.8bln of 13/26/28/52-week BTFs: E2.8-3.2bln of the 13-week May 28, 2025 BTF, E1.7-2.1bln of the 26-week Aug 27, 2025 BTF, E0.1-0.5bln of the 28-week Sep 10, 2025 BTF and E1.6-2.0bln of the new 52-week Feb 25, 2026 BTF.
- On Tuesday, Austria will issue E1bln of the 2-month Apr 24, 2025 ATB and E2bln of the 3-month May 30, 2025 ATB.
- Finally on Wednesday, Italy will conclude issuance for the week with a BOT auction. Details will be announced later today.
For more on future auctions see the full MNI Eurozone/UK T-bill auction calendar here.
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PIPELINE: Corporate Issuance Update: $1.5B OPEC Fund 3Y SOFR Priced
Jan-22 16:23
- Date $MM Issuer (Priced *, Launch #)
- 01/22 $1.5B *OPEC Fund 3Y SOFR+64
- 01/22 $1.25B CDC 3Y SOFR+57a
- 01/22 $500M FMO +3Y +35
- 01/22 $Benchmark Penske 5Y +110a
- 01/22 $Benchmark KDB 3Y SOFR+58a, 5Y SOFR+77a
- 01/22 $Benchmark Blackstone Private Cr Fund 7Y +195a
- 01/22 $Benchmark Bank of Montreal 4NC3 +90a, 4NC3 SOFR
- 01/22 $Benchmark PNC Financial 6NC5 +100a, 11NC10 +150a
STIR: A Little Over 65bp Of BoE Cuts Priced For '25, Despite Uptick In Yields
Jan-22 16:15
Weakness in core global FI markets has a modest impact on GBP STIRs.
- BoE-dated OIS still showing little changed to ~3.5bp more dovish across ’25 contracts, 66bp of cuts priced through year-end.
- SONIA futures back to -1.0 to +1.0 on the day.
- Looking ahead, Friday will bring the release of the flash PMI data. Markets could prove to be increasingly sensitive to that data given downside risks to UK economic growth.
BoE Meeting | SONIA BoE-Dated OIS (%) | Difference vs. Current Effective SONIA Rate (bp) |
Feb-25 | 4.480 | -22.0 |
Mar-25 | 4.436 | -26.4 |
May-25 | 4.296 | -40.4 |
Jun-25 | 4.239 | -46.1 |
Aug-25 | 4.141 | -55.9 |
Sep-25 | 4.112 | -58.8 |
Nov-25 | 4.058 | -64.2 |
Dec-25 | 4.040 | -66.0 |
FED: US TSY 17W AUCTION: NON-COMP BIDS $582 MLN FROM $64.000 BLN TOTAL
Jan-22 16:15
- US TSY 17W AUCTION: NON-COMP BIDS $582 MLN FROM $64.000 BLN TOTAL
