Today's BREXIT BARRAGE... Kicking and Screaming From No.10...
Theresa May’s political lynch-mob’s calls for her ousting are reaching a fever-pitch with her decision to call yet another vote on her unpopular Brexit plan. May’s clearly determined to stay put, which any sane person would be tempted to ask ‘Why?” at this point. The proverbial glutton for punishment.
BBC: Theresa May due to meet Tory MPs over leadership
BBC: European Elections: Conservative’s Liz Truss on a no-deal Brexit (TV)
BBC: Theresa May says MPs ‘have duty’ to support bill
BBC: Theresa May has set herself a huge test
BBC: Brexit Secretary Stephen Barclay says PM’s deal is ‘dead’ if bill fails
FT: What does Corbynism mean for the future of Britain?
FT: Tory grandees renew calls for May to set departure date
FT: Why Theresa May faces defeat on her flagship Brexit bill
FT: Labour warns Theresa May it will not back her Brexit deal in crunch vote
BBG: U.K.’s Theresa May Faces New Push to Oust Her as Brexit Heads to Endgame
BBG: Britain’s Businesses Have Already Lost, Brexit or Not Brexit
BBG: Utility Nationalization Plan Outlined by U.K. Opposition Party
BBG: Brexit Paralysis Creates ‘Zombie’ Parliament With Little to Do
BBG: War Gaming Europe’s Next Big Political Accident
TEL: European Parliament: Everything you ever wanted to know (but were scared to ask)
TEL: UK-taught developer ‘devised software Russia used to try to swap Brexit vote’
TEL: Emmanuel Macron infuriates NATO allies by freezing UK firms out of EU defence contracts after Brexit
More to come!
Mark
image009.jpg@01D28D1B.42BD95C0">
Mark Funsch
O: +44 (0) 203 - 143 - 4177
M: +44 (0) 789 - 996 - 4051
UK: 14-16 Dowgate Hill, London UK EC4R 2SU
US: 245 Park Ave, 39th Floor, NY, NY, 10167
This research was prepared by Mark Funsch. He is a consultant with Astor Ridge. A history of his marketing commentaries can be provided upon request in compliance with the European Commission’s Market Abuse Regulation. Astor Ridge takes no proprietary trading risk, has no market making facilities, and has no position in any security we discuss in this e-mail. The views in this e-mail are those of the author(s) and are subject to change, and Astor Ridge has no obligation to update its opinions or the information in this publication. If this e-mail contains recommendations, those recommendations reflect solely and exclusively those of the author, and such opinions were prepared independently of any other interests, including those of Astor Ridge and/or its affiliates. This publication does not constitute personal investment advice or take into account the individual financial circumstances or objectives of the clients who receive it. The securities discussed herein may not be suitable for all investors. Astor Ridge recommends that investors independently evaluate each issuer, security or instrument discussed herein, and consult any independent advisors they believe necessary. The value of and income from any investment may fluctuate from day to day as a result of changes in relevant economic markets (including changes in market liquidity). The information herein is not intended to predict actual results, which may differ substantially from those reflected. Past performance is not necessarily indicative of future results.
You should not use or disclose to any other person the contents of this e-mail or its attachments (if any), nor take copies. This e-mail is not a representation or warranty and is not intended nor should it be taken to create any legal relations, contractual or otherwise. This e-mail and any files transmitted with it are confidential, may be legally privileged, and are for the sole use of the intended recipient. Copyright in this e-mail and any accompanying document created by Astor Ridge LLP is owned by Astor Ridge LLP.
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Today's BREXIT BARRAGE... Nooooooo, not again!
BBG: Brexit Bulletin: One Last Gamble
BBG: May to Bring Brexit Deal Back to Parliament at Start of June
BBG: May and Corbyn Meet as Cross-Party Talks Go On: Brexit Update
FT: May delivers Brexit deal ultimatum to Corbyn
FT: Timeline: how long can Theresa May last as PM?
FT: Tories try to avoid long term crisis as European election disaster looms
FT: Boris Johnson could face private prosecution over alleged Brexit bus claim
TEL: Theresa May to face PMQs after vowing to put deal to MPs in early June
TEL: Why people like me are flocking to the Brexit Party
TEL: Theresa May could have neutralised Nigel Farage. Now he’s her worst nightmare
TEL: Theresa May and her ministers still want to deliver Brexit, but they don’t know how
More to come!
Mark
image009.jpg@01D28D1B.42BD95C0">
Mark Funsch
O: +44 (0) 203 - 143 - 4177
M: +44 (0) 789 - 996 - 4051
UK: 14-16 Dowgate Hill, London UK EC4R 2SU
US: 245 Park Ave, 39th Floor, NY, NY, 10167
This research was prepared by Mark Funsch. He is a consultant with Astor Ridge. A history of his marketing commentaries can be provided upon request in compliance with the European Commission’s Market Abuse Regulation. Astor Ridge takes no proprietary trading risk, has no market making facilities, and has no position in any security we discuss in this e-mail. The views in this e-mail are those of the author(s) and are subject to change, and Astor Ridge has no obligation to update its opinions or the information in this publication. If this e-mail contains recommendations, those recommendations reflect solely and exclusively those of the author, and such opinions were prepared independently of any other interests, including those of Astor Ridge and/or its affiliates. This publication does not constitute personal investment advice or take into account the individual financial circumstances or objectives of the clients who receive it. The securities discussed herein may not be suitable for all investors. Astor Ridge recommends that investors independently evaluate each issuer, security or instrument discussed herein, and consult any independent advisors they believe necessary. The value of and income from any investment may fluctuate from day to day as a result of changes in relevant economic markets (including changes in market liquidity). The information herein is not intended to predict actual results, which may differ substantially from those reflected. Past performance is not necessarily indicative of future results.
You should not use or disclose to any other person the contents of this e-mail or its attachments (if any), nor take copies. This e-mail is not a representation or warranty and is not intended nor should it be taken to create any legal relations, contractual or otherwise. This e-mail and any files transmitted with it are confidential, may be legally privileged, and are for the sole use of the intended recipient. Copyright in this e-mail and any accompanying document created by Astor Ridge LLP is owned by Astor Ridge LLP.
Astor Ridge LLP is regulated by the Financial Conduct Authority (FCA): Registration Number 579287
Astor Ridge LLP is Registered in England and Wales with Companies House: Registration Number OC372185
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FW: Today's BREXIT BARRAGE... Here we go again...
BBG: May Seeks Support for Brexit Plan as Cross-Party Talks Falter
BBG: Nigel Farage’s Brexit Party Is Forecast to Win Big. But EU Populists May Still Fall Flat
FT: Theresa May to press ahead with Labour talks on Brexit
FT: Private equity cools on the UK over Brexit uncertainty
FT: Pro-Remain voters drift away from Labour as Brexit feud rages on
FT: Theresa May serves no one by clinging on to power
FT: The darkening gloom around Theresa May
BBC: Brexit: PM’s negotiator to explore changes to future EU relations
TEL: Theresa May considering ‘definitive votes’ as last throw of dice to break Brexit deadlock
TEL: Jeremy Corbyn warned Labour is haemorrhaging support as he agrees to simplify Brexit message
TEL: Cometh the hour, cometh the man – it’s time for the Tories to send for Boris
TEL: Thanks to the Brexit Party, the Conservatives can expect their worst ever result next week
More to come!
Mark
image009.jpg@01D28D1B.42BD95C0">
Mark Funsch
O: +44 (0) 203 - 143 - 4177
M: +44 (0) 789 - 996 - 4051
UK: 14-16 Dowgate Hill, London UK EC4R 2SU
US: 245 Park Ave, 39th Floor, NY, NY, 10167
This research was prepared by Mark Funsch. He is a consultant with Astor Ridge. A history of his marketing commentaries can be provided upon request in compliance with the European Commission’s Market Abuse Regulation. Astor Ridge takes no proprietary trading risk, has no market making facilities, and has no position in any security we discuss in this e-mail. The views in this e-mail are those of the author(s) and are subject to change, and Astor Ridge has no obligation to update its opinions or the information in this publication. If this e-mail contains recommendations, those recommendations reflect solely and exclusively those of the author, and such opinions were prepared independently of any other interests, including those of Astor Ridge and/or its affiliates. This publication does not constitute personal investment advice or take into account the individual financial circumstances or objectives of the clients who receive it. The securities discussed herein may not be suitable for all investors. Astor Ridge recommends that investors independently evaluate each issuer, security or instrument discussed herein, and consult any independent advisors they believe necessary. The value of and income from any investment may fluctuate from day to day as a result of changes in relevant economic markets (including changes in market liquidity). The information herein is not intended to predict actual results, which may differ substantially from those reflected. Past performance is not necessarily indicative of future results.
You should not use or disclose to any other person the contents of this e-mail or its attachments (if any), nor take copies. This e-mail is not a representation or warranty and is not intended nor should it be taken to create any legal relations, contractual or otherwise. This e-mail and any files transmitted with it are confidential, may be legally privileged, and are for the sole use of the intended recipient. Copyright in this e-mail and any accompanying document created by Astor Ridge LLP is owned by Astor Ridge LLP.
Astor Ridge LLP is regulated by the Financial Conduct Authority (FCA): Registration Number 579287
Astor Ridge LLP is Registered in England and Wales with Companies House: Registration Number OC372185
Astor Ridge NA LLP is a member of FINRA/SIPC: CRD Number 282626
Astor Ridge NA LLP is a member of the National Futures Association (NFA): Firm ID Number 0499303
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Today's FARAGE BARRAGE... Nigel wants control...
Farage is back in the spotlight in a major way as his Brexit Party gains a commanding share of expected vote on May 23…
BBG: May Aims to Reopen Brexit Talks With EU to Win Corbyn’s Support
BBG: The White Walkers of Brexit Ride Again
BBG: London Housing Is Taking the Hardest Brexit Hit, Acadata Says
BBG: No-Deal Brexit Risk Bigger Than Firms Think, Business Chief Says
FT: Pressure mounts on Theresa May to quit as Tory support collapses
FT: Britain’s Remainers are too divided
TEL: Jeremy Corbyn under fresh pressure as Tom Watson and Keir Starmer demand second Brexit referendum
TEL: Nikki Page on why she has ditched the Tories for the Brexit Party after 45 years
TEL: Our complacent MPs should be prepared for a political earthquake
TEL: ‘You’re in denial’: Furious Nigel Farage lashes out at BBC for ‘ridiculous’ Marr interview
TEL: Raab infuriating the EU with demands May ‘never dared’ make shows why he should be PM, allies say
TEL: The Conservative Party faces a Canada-style death blow
More to come…
Mark
image009.jpg@01D28D1B.42BD95C0">
Mark Funsch
O: +44 (0) 203 - 143 - 4177
M: +44 (0) 789 - 996 - 4051
UK: 14-16 Dowgate Hill, London UK EC4R 2SU
US: 245 Park Ave, 39th Floor, NY, NY, 10167
This research was prepared by Mark Funsch. He is a consultant with Astor Ridge. A history of his marketing commentaries can be provided upon request in compliance with the European Commission’s Market Abuse Regulation. Astor Ridge takes no proprietary trading risk, has no market making facilities, and has no position in any security we discuss in this e-mail. The views in this e-mail are those of the author(s) and are subject to change, and Astor Ridge has no obligation to update its opinions or the information in this publication. If this e-mail contains recommendations, those recommendations reflect solely and exclusively those of the author, and such opinions were prepared independently of any other interests, including those of Astor Ridge and/or its affiliates. This publication does not constitute personal investment advice or take into account the individual financial circumstances or objectives of the clients who receive it. The securities discussed herein may not be suitable for all investors. Astor Ridge recommends that investors independently evaluate each issuer, security or instrument discussed herein, and consult any independent advisors they believe necessary. The value of and income from any investment may fluctuate from day to day as a result of changes in relevant economic markets (including changes in market liquidity). The information herein is not intended to predict actual results, which may differ substantially from those reflected. Past performance is not necessarily indicative of future results.
You should not use or disclose to any other person the contents of this e-mail or its attachments (if any), nor take copies. This e-mail is not a representation or warranty and is not intended nor should it be taken to create any legal relations, contractual or otherwise. This e-mail and any files transmitted with it are confidential, may be legally privileged, and are for the sole use of the intended recipient. Copyright in this e-mail and any accompanying document created by Astor Ridge LLP is owned by Astor Ridge LLP.
Astor Ridge LLP is regulated by the Financial Conduct Authority (FCA): Registration Number 579287
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Astor Ridge NA LLP is a member of the National Futures Association (NFA): Firm ID Number 0499303
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Astor Ridge Data, Rates Supply and Events Calendars for May 13-17...
Highlights…
Data flow’s on the light side after a busy week. Eurozone has some inflation and GDP with German ZEW a focus…
Supply will be pretty brisk with some long-end paper adding to the flows seen this week. BTPS, DBRs and a big UKT 54s syndication will test the market’s appetite for risk at rich yield levels.
Another busy week for the FOMC but ECB’s quiet and BoE members are unlikely to rock the boat.
Clearly, politics remain a major focus with ongoing US-China melee and the stalled Brexit talks…
Enjoy!
Mark
image009.jpg@01D28D1B.42BD95C0">
Mark Funsch
O: +44 (0) 203 - 143 - 4177
M: +44 (0) 789 - 996 - 4051
UK: 14-16 Dowgate Hill, London UK EC4R 2SU
US: 245 Park Ave, 39th Floor, NY, NY, 10167
This research was prepared by Mark Funsch. He is a consultant with Astor Ridge. A history of his marketing commentaries can be provided upon request in compliance with the European Commission’s Market Abuse Regulation. Astor Ridge takes no proprietary trading risk, has no market making facilities, and has no position in any security we discuss in this e-mail. The views in this e-mail are those of the author(s) and are subject to change, and Astor Ridge has no obligation to update its opinions or the information in this publication. If this e-mail contains recommendations, those recommendations reflect solely and exclusively those of the author, and such opinions were prepared independently of any other interests, including those of Astor Ridge and/or its affiliates. This publication does not constitute personal investment advice or take into account the individual financial circumstances or objectives of the clients who receive it. The securities discussed herein may not be suitable for all investors. Astor Ridge recommends that investors independently evaluate each issuer, security or instrument discussed herein, and consult any independent advisors they believe necessary. The value of and income from any investment may fluctuate from day to day as a result of changes in relevant economic markets (including changes in market liquidity). The information herein is not intended to predict actual results, which may differ substantially from those reflected. Past performance is not necessarily indicative of future results.
You should not use or disclose to any other person the contents of this e-mail or its attachments (if any), nor take copies. This e-mail is not a representation or warranty and is not intended nor should it be taken to create any legal relations, contractual or otherwise. This e-mail and any files transmitted with it are confidential, may be legally privileged, and are for the sole use of the intended recipient. Copyright in this e-mail and any accompanying document created by Astor Ridge LLP is owned by Astor Ridge LLP.
Astor Ridge LLP is regulated by the Financial Conduct Authority (FCA): Registration Number 579287
Astor Ridge LLP is Registered in England and Wales with Companies House: Registration Number OC372185
Astor Ridge NA LLP is a member of FINRA/SIPC: CRD Number 282626
Astor Ridge NA LLP is a member of the National Futures Association (NFA): Firm ID Number 0499303
Astor Ridge NA LLP is Registered in England and Wales with Companies House: Registration Number OC401796
Astor-Ridge-Rates-Events-Calendar-May-13-17.pdf Astor-Ridge-Supply-calendar-May13-17.pdf Astor-Ridge-Econ-Data-May13-17.pdfToday's BREXIT BARRAGE... Well, kinda...
With May-Corbyn talks stalling and the Europeans far more concerned with their own elections now, it’s likely to be pretty quiet on the Brexit front for a few weeks. Not sure if that’s good or bad but there are ample political distractions to keep the market occupied…
FT: Brexit tears apart big parties’ support ahead of European poll
FT: Tories at odds over how long to allow Theresa May to remain as PM
FT: Why is Theresa May clinging to power?
BBG: The List of Contenders to Replace May as Tory Leader Is Growing: Brexit Update
BBG: U.K. an Outsider at the EU Summit, Hinting at Post-Brexit Future
BBG: Brexit Bulletin: The Brexit Bump
TEL: The deeply split 1922 Committee has given Theresa May one last chance
BBC TV: Brexit debate heats up on Question Time
More to come…
Mark
image009.jpg@01D28D1B.42BD95C0">
Mark Funsch
O: +44 (0) 203 - 143 - 4177
M: +44 (0) 789 - 996 - 4051
UK: 14-16 Dowgate Hill, London UK EC4R 2SU
US: 245 Park Ave, 39th Floor, NY, NY, 10167
This research was prepared by Mark Funsch. He is a consultant with Astor Ridge. A history of his marketing commentaries can be provided upon request in compliance with the European Commission’s Market Abuse Regulation. Astor Ridge takes no proprietary trading risk, has no market making facilities, and has no position in any security we discuss in this e-mail. The views in this e-mail are those of the author(s) and are subject to change, and Astor Ridge has no obligation to update its opinions or the information in this publication. If this e-mail contains recommendations, those recommendations reflect solely and exclusively those of the author, and such opinions were prepared independently of any other interests, including those of Astor Ridge and/or its affiliates. This publication does not constitute personal investment advice or take into account the individual financial circumstances or objectives of the clients who receive it. The securities discussed herein may not be suitable for all investors. Astor Ridge recommends that investors independently evaluate each issuer, security or instrument discussed herein, and consult any independent advisors they believe necessary. The value of and income from any investment may fluctuate from day to day as a result of changes in relevant economic markets (including changes in market liquidity). The information herein is not intended to predict actual results, which may differ substantially from those reflected. Past performance is not necessarily indicative of future results.
You should not use or disclose to any other person the contents of this e-mail or its attachments (if any), nor take copies. This e-mail is not a representation or warranty and is not intended nor should it be taken to create any legal relations, contractual or otherwise. This e-mail and any files transmitted with it are confidential, may be legally privileged, and are for the sole use of the intended recipient. Copyright in this e-mail and any accompanying document created by Astor Ridge LLP is owned by Astor Ridge LLP.
Astor Ridge LLP is regulated by the Financial Conduct Authority (FCA): Registration Number 579287
Astor Ridge LLP is Registered in England and Wales with Companies House: Registration Number OC372185
Astor Ridge NA LLP is a member of FINRA/SIPC: CRD Number 282626
Astor Ridge NA LLP is a member of the National Futures Association (NFA): Firm ID Number 0499303
Astor Ridge NA LLP is Registered in England and Wales with Companies House: Registration Number OC401796
MICROCOSM: Quick SPAIN Supply Preview... How Low Can They Go?
SPAIN! Quick Supply Preview
> We'll get €3-4bn this am, spread across the SPGB .25 7/24, SPGB 1.45 4/29s (closing in on final tap with 17.75bn outstanding) and SPGB 2.7 10/48s.
> As noted here ad nauseum, Spain has been en fuego of late, holding/tightening vs neighbours like France and Belgium, even as risk assets came under fire while equities tanked.
> To put things into perspective, the former 5yr benchmark (SPGB .35 7/23) traded at NEGATIVE YIELDs for the first time in history on Apr 26th and are at -6bps into this am's supply, the first in 3 weeks. Spain's carry, economic and fiscal outlook and perceived political stability (relatively speaking) have encouraged big buying, especially by international investors, including the Japanese.
> As tempting as it is to tap the brakes here given how far we've come, this low vol environment is likely to drive further spread narrowing for now.
> SPGB .25 7/24 into SPGB 1.95 4/26s still looks too steep to us given the tone of the mkt (+35.4bps mid) and the SPGB 7/28-4/29 roll should attract some flatteners at +11.3bps mid...
SPGB .35 7/23 sub-zero…
SPGB 7/28-4/29 sprd
SPGB 7/24-4/26 sprd
FRTR 5/28 (OATM9) vs SPGB 7/28s – made new ‘lows’ but has levelled off a bit into this am’s supply… Lower boundary of RSIs holding
More to come!
Mark
image009.jpg@01D28D1B.42BD95C0">
Mark Funsch
O: +44 (0) 203 - 143 - 4177
M: +44 (0) 789 - 996 - 4051
UK: 14-16 Dowgate Hill, London UK EC4R 2SU
US: 245 Park Ave, 39th Floor, NY, NY, 10167
This research was prepared by Mark Funsch. He is a consultant with Astor Ridge. A history of his marketing commentaries can be provided upon request in compliance with the European Commission’s Market Abuse Regulation. Astor Ridge takes no proprietary trading risk, has no market making facilities, and has no position in any security we discuss in this e-mail. The views in this e-mail are those of the author(s) and are subject to change, and Astor Ridge has no obligation to update its opinions or the information in this publication. If this e-mail contains recommendations, those recommendations reflect solely and exclusively those of the author, and such opinions were prepared independently of any other interests, including those of Astor Ridge and/or its affiliates. This publication does not constitute personal investment advice or take into account the individual financial circumstances or objectives of the clients who receive it. The securities discussed herein may not be suitable for all investors. Astor Ridge recommends that investors independently evaluate each issuer, security or instrument discussed herein, and consult any independent advisors they believe necessary. The value of and income from any investment may fluctuate from day to day as a result of changes in relevant economic markets (including changes in market liquidity). The information herein is not intended to predict actual results, which may differ substantially from those reflected. Past performance is not necessarily indicative of future results.
You should not use or disclose to any other person the contents of this e-mail or its attachments (if any), nor take copies. This e-mail is not a representation or warranty and is not intended nor should it be taken to create any legal relations, contractual or otherwise. This e-mail and any files transmitted with it are confidential, may be legally privileged, and are for the sole use of the intended recipient. Copyright in this e-mail and any accompanying document created by Astor Ridge LLP is owned by Astor Ridge LLP.
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Today's BREXIT BARRAGE...
Tough to get too fired up about Brexit these days… And now there’s a ‘Mockumentary’ out of a behind the scenes look at the EU’s Brexit negotiating team shredding Theresa May and co which the Telegraph gave 4/5 stars to!
FT: Amber Rudd fires broadside at Boris Johnson
FT: May promises new vote on Brexit deal in next two weeks
TEL: Theresa May wins stay of execution, but Tory rebels lose patience
TEL: Why can’t the hapless Tories find it in themselves to rise up against Theresa May?
TEL: Without a massive campaign for free enterprise, a Corbynite calamity looms
TEL: Politics is descending into farce as the intransigent Theresa May still refuses to go
More soon…
Mark
image009.jpg@01D28D1B.42BD95C0">
Mark Funsch
O: +44 (0) 203 - 143 - 4177
M: +44 (0) 789 - 996 - 4051
UK: 14-16 Dowgate Hill, London UK EC4R 2SU
US: 245 Park Ave, 39th Floor, NY, NY, 10167
This research was prepared by Mark Funsch. He is a consultant with Astor Ridge. A history of his marketing commentaries can be provided upon request in compliance with the European Commission’s Market Abuse Regulation. Astor Ridge takes no proprietary trading risk, has no market making facilities, and has no position in any security we discuss in this e-mail. The views in this e-mail are those of the author(s) and are subject to change, and Astor Ridge has no obligation to update its opinions or the information in this publication. If this e-mail contains recommendations, those recommendations reflect solely and exclusively those of the author, and such opinions were prepared independently of any other interests, including those of Astor Ridge and/or its affiliates. This publication does not constitute personal investment advice or take into account the individual financial circumstances or objectives of the clients who receive it. The securities discussed herein may not be suitable for all investors. Astor Ridge recommends that investors independently evaluate each issuer, security or instrument discussed herein, and consult any independent advisors they believe necessary. The value of and income from any investment may fluctuate from day to day as a result of changes in relevant economic markets (including changes in market liquidity). The information herein is not intended to predict actual results, which may differ substantially from those reflected. Past performance is not necessarily indicative of future results.
You should not use or disclose to any other person the contents of this e-mail or its attachments (if any), nor take copies. This e-mail is not a representation or warranty and is not intended nor should it be taken to create any legal relations, contractual or otherwise. This e-mail and any files transmitted with it are confidential, may be legally privileged, and are for the sole use of the intended recipient. Copyright in this e-mail and any accompanying document created by Astor Ridge LLP is owned by Astor Ridge LLP.
Astor Ridge LLP is regulated by the Financial Conduct Authority (FCA): Registration Number 579287
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Today's BREXIT BARRAGE... Kicking and screaming...
Based on the headlines over the past couple days, it appears Theresa May will have to be dragged out of #10 kicking and screaming if it’s up to her. Why does it feel that we’ll be sending out this summary on Nov 1st…?
BBG: May-Corbyn Brexit Talks are Just a Sign of Exhaustion
FT: May clings to latest Brexit target as hope of cross-party deal fades
FT: Regulator urges post-Brexit deal for City of London
TEL: Theresa May targets July 1 as new date for Britain leaving EU
TEL: The snakes and ladders of Brexit – where whatever you roll leads to a customs union
TEL: Nigel Farage has stopped playing the clown. No wonder the Tories are scared
More to come…
Mark
image009.jpg@01D28D1B.42BD95C0">
Mark Funsch
O: +44 (0) 203 - 143 - 4177
M: +44 (0) 789 - 996 - 4051
UK: 14-16 Dowgate Hill, London UK EC4R 2SU
US: 245 Park Ave, 39th Floor, NY, NY, 10167
This research was prepared by Mark Funsch. He is a consultant with Astor Ridge. A history of his marketing commentaries can be provided upon request in compliance with the European Commission’s Market Abuse Regulation. Astor Ridge takes no proprietary trading risk, has no market making facilities, and has no position in any security we discuss in this e-mail. The views in this e-mail are those of the author(s) and are subject to change, and Astor Ridge has no obligation to update its opinions or the information in this publication. If this e-mail contains recommendations, those recommendations reflect solely and exclusively those of the author, and such opinions were prepared independently of any other interests, including those of Astor Ridge and/or its affiliates. This publication does not constitute personal investment advice or take into account the individual financial circumstances or objectives of the clients who receive it. The securities discussed herein may not be suitable for all investors. Astor Ridge recommends that investors independently evaluate each issuer, security or instrument discussed herein, and consult any independent advisors they believe necessary. The value of and income from any investment may fluctuate from day to day as a result of changes in relevant economic markets (including changes in market liquidity). The information herein is not intended to predict actual results, which may differ substantially from those reflected. Past performance is not necessarily indicative of future results.
You should not use or disclose to any other person the contents of this e-mail or its attachments (if any), nor take copies. This e-mail is not a representation or warranty and is not intended nor should it be taken to create any legal relations, contractual or otherwise. This e-mail and any files transmitted with it are confidential, may be legally privileged, and are for the sole use of the intended recipient. Copyright in this e-mail and any accompanying document created by Astor Ridge LLP is owned by Astor Ridge LLP.
Astor Ridge LLP is regulated by the Financial Conduct Authority (FCA): Registration Number 579287
Astor Ridge LLP is Registered in England and Wales with Companies House: Registration Number OC372185
Astor Ridge NA LLP is a member of FINRA/SIPC: CRD Number 282626
Astor Ridge NA LLP is a member of the National Futures Association (NFA): Firm ID Number 0499303
Astor Ridge NA LLP is Registered in England and Wales with Companies House: Registration Number OC401796
Astor Ridge Data, Supply and Events Calendars for Week of May 6-10
Quick Colour…
Relatively light data calendar after this week’s deluge. PMIs the main focus in Europe…
Central bankers all over the tapes next week – post FOMC jaw-boning, a continuation of the ECB Draghi-replacement beauty parade and some BoE members will try to clarify what the devil Carney and co meant yesterday.
Supply is pretty heavy all told with the US refunding, a mix of core and periphs and some 5yr gilts ahead of the ultras syndication the following week.
Pls see attached.
Best,
Mark
image009.jpg@01D28D1B.42BD95C0">
Mark Funsch
O: +44 (0) 203 - 143 - 4177
M: +44 (0) 789 - 996 - 4051
UK: 14-16 Dowgate Hill, London UK EC4R 2SU
US: 245 Park Ave, 39th Floor, NY, NY, 10167
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