CZECHIA: CNB To Enter Media Blackout Period
Dec-12 08:38
- The CNB's media quarantine period will start at 14:00GMT/15:00CET with the publication of a notification about attendance at next week's monetary policy meeting. All four analysts polled by Bloomberg so far expect the CNB to pause its rate-cutting cycle next week, but more calls will be submitted in the coming days. Several Bank Board members (Kubelkova, Kubicek, Frait) said that they were considering voting for a pause or a cut, while Deputy Governor Zamrazilova already voted for a pause at previous meetings. It is unclear what are the policy inclinations of new member Jakub Seidler.
- President Petr Pavel meets with Prime Minister Petr Fiala and other senior parliament and government officials to discuss foreign policy.
- Separately, President Pavel is set to appoint Dita Repkova to the position of a Constitutional Court judge.
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US TSY OPTIONS: TYF5 109/108 Put Spread Lifted
Nov-12 08:31
TYF5 109/108 put spread paper paid 18 on 20K.
GILT AUCTION PREVIEW: DMO Consultation I/L Syndication Findings
Nov-12 08:31
The DMO has released the minutes of yesterday’s consultations with gilt market participants. The findings surrounding syndication preferences are outlined below, we will provide further colour in upcoming posts:
Index-linked
- The launch of a new index-linked gilt maturing in 2043 was the most frequently recommended by GEMMS. However, “a number of participants also favoured the launch of a new IL 2049 with a few GEMMs being indifferent between the two maturities.” The DMO also noted “isolated calls for the re-opening via syndication of a new index-linked gilt maturing in 2038 and for an index-linked gilt maturing in either 2059 or 2060.”
- Investors showed similar preferences, favouring index-linked gilt maturing in either 2043 or 2049, with only isolated calls for other maturities, including a new 15-year maturity index-linked gilt
GILT AUCTION PREVIEW: DMO Consultation Long-Term Syndication Findings
Nov-12 08:22
The DMO has released the minutes of yesterday’s consultations with gilt market participants. The findings surrounding syndication preferences are outlined below, we will provide further colour in upcoming posts:
Long-Term
- There was GEMM support for “the launch of a new 2045 maturity gilt, with some calls for a re-opening of 4 3/4% 2040, which will become a medium maturity gilt in February 2025. There were also isolated proposals for the launch of new long conventional gilts maturing in 2041, 2044 or 2048.”
- Meanwhile, investors seemed a little more balanced. “Some supported issuance in the 20-year area with some others preferring the 15-year area of the curve. A number advocated for a re-opening of 4 3/8% 2040 prior to the gilt transitioning into the medium maturity sector in February 2025. There were also isolated calls for other maturities including 2044, 2045, 2048 and 2049.”
