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BLOCK, 5s/Ultra-Bond Flattener


Pullback Considered Corrective


BLOCK, 10Y Buy


Trend Conditions Remain Bullish

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  • Parkiet reports that the European Commission are to replace the CHF LIBOR rate with Saron - with the switch to take place at the end of the year when LIBOR is retired. A formal announcement should be made in the coming weeks. The move follows pressure from Warsaw over the past few months for the bloc to make a harmonised decision for the rate that underpins as much as $31bln in FX mortgages across Poland.
  • Previously, CHF loan holders had been opposed to a switch to SARON as the rate traded ~4bps above that of CHF LIBOR, but a mandatory harmonised bloc-wide move could avoid further lawsuits for Poland's banking sector.
  • NBP's Ancyparowicz has spoken this morning, stating that the recent rate hike was not the start of a tightening cycle, but it is not a given that the NBP won't hike by February.
  • Kaczynski, head of the PiS party and current deputy PM for Security, is to resign his role in government in favour of managing the party's activities. The news will raise speculation of an imminent cabinet reshuffle, with local press seeing a move from Morawiecki as imminent.
  • The Polish government are set to debate their 2022 budget Thursday, with the deliberations beginning from 9am local time (0800BST / 0300ET).
  • Current account balance, trade balance and breakdowns of import/export data cross at 2pm local time (1300BST / 0800ET)