GLOBAL INVESTMENT STRATEGY, EXECUTION AND RISK MANAGEMENT FOR INSTITUTIONAL INVESTORS

Let’s take a close look at SPGBs now that the 10yr has been announced.

 

TRADE IDEAS: We like owning SPGB 7/28s vs OATH9 and IKH9. We also like the SPGB 10/25-7/28 flattener.  Please see below for supporting colour/data.  

Here’s a note I posted in our chat last Thursday:
EUROZONE... SPGBs vs BTPS

Ø  Spain just tapped their SPGB 1.5 4/27s this am. The SPGB 10/25-4/27 spread looks very steep to me as the SPGB 10/25s trade very rich on the curve.

Ø  If we compare the BTPS 11/25s (current 7yr) vs BTPS 2.2 6/27s, about the same maturity gap, we get a spread of +28bps, currently the steepest it's been. That's versus +34.1bps in the SPGBs spread, a sizeable difference.

 

Ø  In addition, the FRTR 11/25 vs FRTR 5/27s spread is just 23.7bps.

Which leads me to the BLEND...

Since JUNE last year, the 1-2-1 weighted blend of LONG SPGB 1.5 4/27 vs FRTR 1 5/27 and BTPS 2.2 6/27 has been in a -52 to -125bps range, driven largely by the SPGB-BTPS leg. We're currently -61.6bps on the rebound in BTPS.

If we change the weighting to balance it for the difference in the wings, the SPGBs actually look even cheaper, the 65% FRTR-SPGB vs 35% SPGB-BTPS weighting moving back to the middle of the 1yr range.

So, if you're bullish SPGBs here and think BTPS could wobble again, this is a nice way to express the trade.

Today:

• With the announcement of the SPGB 10yr syndication, the market will be looking very closely at this relationship again. While we're happy to consider the richest vs cheapest issues within the 8-10yr sector,  the reality of the situation is France, Spain and Italy can all be tough liquidity-wise so using the OATH9 and IKH9 contracts (or even their CTDs) as the France and Italy wings makes sense to us.

 

• Here’s a chart of a simple 1-2-1 weighted blend (fly) of SPGBs 1.4 4/28s (more history than SPGB 7/28s) vs FRTR 2.75 10/27 and BTPS 4.75 9/28s going back to early 2018.
  We can see Spain had a massive run between early May and late August, richening 120bps in this structure. Clearly, much of this was the widening of BTPS vs SPGBs but even the SPGB-FRTRs 10yr spread widened over that span from +44bps to +80bps.

  

  

  

  Let’s shift gears a bit and use the SPGB 1.4 7/28s as the Spain bond (a touch cheaper, better liquidity, etc) and adjust the weighting to reflect the difference in the spreads. We now come up with a ratio of .60/1.00/.40 where there’s a bit more risk in the OATs leg. In theory, this new ratio is supposed to mitigate some of the spread risk so we’re not just in a lower beta SPGB-BTPS widener. As we can see below, this ratio is less volatile yet still cheap historically (although the SPGB 7/28s only go back to last June), even after the narrowing since Jan 2.

 

From a macro-perspective, check out the tables below of Spain, France and Italy sovereign issuance expected this year (data from Citi).

 

 

Here’s some more info, this time from DB:

 

What jumps off the page in these tables is not just the absolute size of Italy and France’s issuance needs relative to Spain’s (almost twice as much) but that France’s net need is 2.5 times larger than Italy’s and 3 times larger than Spain’s. Even with the coupon and redemption flows supporting Italy, taking their net issuance down to just 34bln, Italy is expected to issue 8bln more 15yr+ paper than Spain. France’s 15yr+ totals are much larger at 27.2bln.

 

Lastly, with growth in Europe showing signs of slowing, we must be cognizant of the economic forecasts of each of these countries. We can see below that, while there is some expectation of convergence between Spain and France by 2023 (Citi and others), Spain’s pace of growth is expected to outpace both France and Italy until then. This could have a bearing on their relative issuance needs and the performance of their sovereign bonds.
 

 

So, from a macro perspective, we will maintain a stance of buying SPGBs when they look cheap on structures like this one.

 

 

• What if I want a more micro-bet on Spain than the blend above? Let’s look at a bit of history.

Here are the last few SPGB 10yr syndications:

            Date                Issue                           Size                Spread to Swaps        Current size

      Jun 26, 2018    SPGB 1.4 7/28            Eur 7bln          +55bps                        21.6 bln

      Jan 30, 2018    SPGB 1.4 4/28            Eur 10bln        +46bps                        21.0 bln
      Jun 27, 2017    SPGB 1.45 10/27        Eur 8bln          +70bps                        22.3 bln                            

      Jan 24, 2017    SPGB 1.50 4/27          Eur 9bln          +77bps                        18.5 bln

      Jul 19, 2016     SPGB 1.3 10/26          Eur 6bln          +95bps                        22.6 bln

 

The current SPGB 1.4 7/28 spread to swaps is +60.5bps. We estimate a new SPGB 4/30/29 issue would likely come with a 1.45% coupon and a spread of +15bps vs the SPGB 1.4 7/28s. That would give it some ‘juice’ on the curve to attract demand  and would likely give it an indicative spread of mid-swaps +65bps.  

 

 

We like the SPGB 10/25 vs SPGB 7/28s (or the new issue depending upon spread-talk) flattener here, yield spread or MMS box. The spread has turned a bit, looks very steep and the 7yr point of the SPGB curve looks rich to us. Carry and roll on the flattener is a touch negative at about 0.5 bps per 3 mos. Given this is a tactical trade that should perform post-pricing, we’re not planning to hold the trade long enough for neg carry and roll to hurt us.

 

      We’ll be in touch.

 

       Thanks

 

       Mark

         

      

 

 

image009.jpg@01D28D1B.42BD95C0">

 

Mark Funsch

 

O:            +44 (0) 203 - 143 - 4177

M:            +44 (0) 789 - 996 - 4051

E:             Mark.Funsch@AstorRidge.com

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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. 

 

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Still as befuddled as they were when this whole thing kicked off in earnest back in October… Here’s today’s cornucopia of consternation…

 

BBG: Brexit Bulletin: Let the Plotting Commence

BBG: May Is Said to Give Up on Cross-Party Talks to Fix Brexit

BBG: EU is Split Over Delaying Brexit By as Much as a Year, Diplomats Say

BBG: How Parliament Can Seize Control of Brexit: A Step-by-Step Guide

FT: Theresa May on Brexit collision course with MPs

 

FT: How the Brexit options would affect the economy

 

FT: Economic confidence nosedives in UK boardrooms

FT: Post-Brexit settlement scheme ‘well on track’, UK insists

 

TEL: Exclusive: Theresa May mulls amending Good Friday Agreement to get her Brexit deal past MPs

TEL Brexit latest news: Theresa May set to seek changes to the Irish backstop as she signals end to cross-party talks

TEL These feeble plots won’t stop Brexit – but they are destroying public trust in our politicians

TEL: The 10 questions Remainers need to answer before stopping a no-deal

BBC: Brexit: May looks for way to break deadlock

That should keep you busy this am!

 

Enjoy

 

Mark

 

 

 

image009.jpg@01D28D1B.42BD95C0">

 

Mark Funsch

 

O:            +44 (0) 203 - 143 - 4177

M:            +44 (0) 789 - 996 - 4051

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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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Astor Ridge Data, Events and Supply Calendars for next week.

 

US holiday Monday and no Fed speakers could make for another week of Trump watch in the US.

 

ECB meeting broadly expected to be a non-event.

 

Brexit fiasco still dominates in the UK but with the Plan B vote pushed to Jan 29 it could be a quieter tone...

 

Supply is pretty light compared to the last two weeks. No US supply, EGBs limited to 2022-2025 sector in France and Germany and the UK taps the 1T37s, taking them to £19bln...

Please see attached.

 

Mark

 

 

image009.jpg@01D28D1B.42BD95C0">

 

Mark Funsch

 

O:            +44 (0) 203 - 143 - 4177

M:            +44 (0) 789 - 996 - 4051

E:             Mark.Funsch@AstorRidge.com

W:            www.AstorRidge.com

UK:          14-16 Dowgate Hill, London UK EC4R 2SU

US:          245 Park Ave, 39^th 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

 

 

EQUITIES  SPECIAL : THIS IS THE LAST CHANCE TO FAIL OR ITS BOUNCE TIME, EUROPE IS JUST  HOLDING ONTO THAT SHORT.  All about tonight's close.

 

Despite the US bounce European stocks remains sub the KEY 50 day moving averages. Today would be the last day to hold the short view ahead of the long US weekend.

As earnings seasons start MOST markets have YET to breach any key levels-moving averages. If results struggle we head SIGNIFICANTLY lower!

Trade ideas running and STILL time. 

Buy Dax      FEB 10400-10300 put spread @ 21.1  Now 8.2

Buy EStox   FEB 2900-2800     put spread  @ 12.7 Now  3.6

Buy Ftse     Mar 6600-6500     put spread @25.0   Now 19.9

Although no NEW monthly lows we haven’t rallied MUCH. It’s a matter of TIME before stocks head lower AGAIN!

Equities REMAIN very damaged goods! Europe is in a terminally bad way whilst the US is close to confirming the 10 year “RALLY” is over.

DAX page 2 remains OUTSIDE a significant and LONG STANDING channel.

Overall I still favour a MAJOR DROP and this weeks close is KEY. 

 

 

ASTOR RIDGE : Independent Ideas, Research, Liquidity, Anonymity and Trusted Experience.

 

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Q1 structural trades on the radar in Euro Govts

French High coupon Anomaly – Buy Frtr 6% Oct25

 

Over the second half of last year the Frtr 6% Oct-25 cheapened relative to surrounding bonds- this high coupon, large issue

Trade Mechanics

Buy Frtr Oct-25 €100k
Sell Frtr Oct-23 €50k and sell €50k OATA (CTD Frtr 2.75% Oct-27)

 

Cix: 2 * (YIELD[FRTR 6 10/25/25 Corp] - 0.5 * YIELD[FRTR 4.25 10/25/23 Corp] - 0.5 * YIELD[FRTR 2.75 10/25/27 Corp])

Levels

Curr:      +3.7bp

Entry:    here
Add:      +7.25bp

Target: -1.75bp
Stop:     +9bp

 

History

2 * (YIELD[FRTR 6 10/25/25 Corp] - 0.5 * YIELD[FRTR 4.25 10/25/23 Corp] - 0.5 * YIELD[FRTR 2.75 10/25/27 Corp])

 

Rationale

• Anomalies (see graph) – are among the best in the context of all Frtr anomalies

*coupon adjustment by removing the swap spread and adding the z-spread

• Oct25 cheap – the wing Oct23, Oct 27 drop out as CTD after March Contract

 

Carry & Roll

Carry:    +0.3bp /3mo (5bp repo spread)
Roll:       +0.1bp /3mo

 

Trade in Swap Space

Cix: SP210[FRTR 6 10/25/25 Corp] - 0.5 * SP210[FRTR 4.25 10/25/23 Corp] - 0.5 * SP210[FRTR 2.75 10/25/27 Corp]

 

 

Risks

The two short bonds stay special/expensive
The Long Frtr oct25 fails to richen
All bullets cheapen on the curve – possibly due to sell-off /steepening

 

 

Let me know - thanks

 

 

 

James Rice

 

image001.jpg@01D21F13.B69A4950">

UK: 14-16 Dowgate Hill, London ec4r 2su

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This marketing was prepared by James Rice, a consultant with Astor Ridge.  It is not appropriate to characterize this e-mail as independent investment research as referred to in MiFID and that it should be treated as a marketing communication even if it contains a trade recommendation. A history of marketing materials and research reports 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 opinions or recommendations, those opinions or 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 those 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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Q1 structural trades on the radar in Euro Govts

Flatteners Germany et al 25s 30s…

 

In Europe 25s -30s is steep relative to the general theme - flatteners

 

See graph of Germany, Netherlands, Finland and France on swap spread – see graph

 

• This is a common feature despite bond curves out-flattening the swap curve in shorter tenors – see graph of 10y German swap spreads vs German 2y swap spreads (generics)

(RV0002P 10Y BLC Curncy - EUSA10 Curncy) - (RV0002P 2Y BLC Curncy - EUSA2 Curncy)

 

• We could see a sympathetic flattening of the 25s30s in other Euro markets

 

Trade - Sell dbr 42s to buy dbr 46s
Currently: @+9.8bp
R&C: -0.3bp /3mo (@5bp repo spread)
Target: +2bp – in line with extrapolation of shorter tenors
Add: +12bp
Stop: +15bp

Yield spread cix: YIELD[DBR 2.5 08/15/46 Corp] - YIELD[DBR 3.25 07/04/42 Corp]

 

To check that this has not outperformed the swap curve look at the swap spread – that hasn’t moved unlike shorter tenor spreads

Swap spread cix: SP210[DBR 2.5 08/15/46 Corp] - SP210[DBR 3.25 07/04/42 Corp]

 

 

James Rice

 

image001.jpg@01D21F13.B69A4950">

UK: 14-16 Dowgate Hill, London ec4r 2su

US: 245 Park Ave 39^th Fl, New York NY 10167

 

Office:   +44 (0) 203 - 143 - 4178

Mobile:  +44 (0) 754 - 011 - 7705

Email:     James.Rice@AstorRidge.com

Web:       www.AstorRidge.com

 

This marketing was prepared by James Rice, a consultant with Astor Ridge.  It is not appropriate to characterize this e-mail as independent investment research as referred to in MiFID and that it should be treated as a marketing communication even if it contains a trade recommendation. A history of marketing materials and research reports 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 opinions or recommendations, those opinions or 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 those 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

 

 

EQUITIES  SPECIAL : “LETS GET READY TO RUMBLE”. Equities have created one of most PERFECT chart tops across all MARKETS, this means we will revisit the recent lows in a UNIFIED and VICIOUS MANNER.

As earnings seasons start MOST markets have YET to breach any key levels-moving averages. If results struggle we head SIGNIFICANTLY lower!

Trade ideas running and STILL time. 

Buy Dax      FEB 10400-10300 put spread @ 21.1  Now 15.5

Buy EStox   FEB 2900-2800     put spread  @ 12.7 Now  7.3

Buy Ftse     Mar 6600-6500     put spread @25.0  NEW position

Although no NEW monthly lows we haven’t rallied MUCH. It’s a matter of TIME before stocks head lower AGAIN!

Equities REMAIN very damaged goods! Europe is in a terminally bad way whilst the US is close to confirming the 10 year “RALLY” is over.

Overall I still favour a MAJOR DROP and this weeks close is KEY. 

 

 

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Great summary from George on the RPI report from the House of Lords and potential market impact… Timing for this report couldn’t be worse given the Brexit mess..

USFS 10-20 WHAT NEXT : **STILL TIME TO RELOAD or ADD as we HEAD LOWER AGAIN.**

This continues to endorse the call for lower yields and stocks.

Similar to other markets we have witnessed ONLY a SLIGHT recovery to last months close. If IN the original trade (inception 3.3299) certainly add here OR initiate a new trade with stop above yesterday’s high.

 

**Speak to David Sansom re any trade discussion on this idea, NEW OR ADDING. **

 

Above all this is a long term trade hence don’t be afraid to sell new LOWS. Yesterdays upside pierce-rejection is a major signal.

This chart corelates well with the outright yield charts which ALSO predict a move LOWER.

My BIG worry is that if equities fail then yields plummet and the RE ENTRY is missed.

This will be a big trade as it 100%  endorses the YIELD LOWER call.

 

 

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• •             Astor Ridge does not provide independent research. We have no dedicated or paid strategists, research portals, or research subscriptions. However, you may receive unsolicited marketing communications from our Introducing Brokers from time to time, which may refer to specific trade recommendations. These recommendations are based solely on the opinion of the author, and are not official research recommendations of Astor Ridge.We have considered guidance from ESMA, and any written material from our Introducing Brokers that might fall within the scope of the rules will be provided for free, and made publicly available on our website, to any EU Investment firm that registers for it.
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• •             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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• •             If there is anything else you require from us to continue receiving our market communications, or prefer a different medium for access (e.g. publicly available password protected access on the Astor Ridge website), please do let me know.
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• •             Chris

 

 

 

 

Here’s a sample of today’s Brexit related news… At the very least, it makes for good theatre!

 

FT: Theresa May survives Labour no-confidence vote

 

FT: Could the customs union help Theresa May solve Brexit dilemma?

 

FT: Irish watchdog urges UK auditors to prepare for ‘no-deal’ Brexit

 

FT:  Conservative Party may now be heading for a major split

 

BBC: Brexit: Theresa May pushes for cross-party consensus

 

BBC: Brexit and no-confidence vote: When will May budge?

 

BBC: May to hold talks with MPs after surviving vote

 

BBG: Brexit Bulletin: All Together Now

BBG: May Faces Tough Talks With Opponents to Get a New Brexit Deal

BBG: How May Could Win a Brexit Deal, China’s Quiet Stimulus: Eco Day

Guardian: Obession, vanity or grit: what makes Theresa May tick?

Guardian: The Guardian view on Brexit and parliament: now dissolve the red lines

 

More to come!

 

 

Mark

 

 

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Mark Funsch

 

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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