Thursday, 10 April 2026
Good morning, David.
GBP ReturnPlus
Buy & Maintain · LDI
£3.2bn
CASH
£96m · 3.0%
EUR IG Core
Investment Grade · iBoxx EUR
€2.1bn
CASH
€84m · 4.0%
Global Multi-Sector
Multi-Sector · Bloomberg Agg
€850m
CASH
€42.5m · 5.0% ↓ below min
Active Deals · primary markets open today
3 open
National Grid PLC
GBP 5Y · Senior Unsecured · A- / A3 · Settle T+5
NIP: +5 bps vs curve · book 2.8× covered · £25m recommended
3h 22m
Attractive
Book 2.8×
Analyse →
Lloyds Bank PLC
GBP 7Y · Senior Preferred · AA- / Aa3 · Settle T+3
NIP: +1 bps vs curve · book 1.6× covered · tight pricing
5h 08m
Fair
Book 1.6×
Analyse →
ABN AMRO Bank N.V.
EUR 10Y · Covered Bond · AAA / Aaa · Settle T+5
NIP: +6 bps vs curve · book 3.1× covered · €30m recommended
6h 45m
Attractive
Book 3.1×
Analyse →
Market Events · today
07:00
3.1% ✓
UK CPI (Mar)
All portfolios · Prior 3.2% · Consensus 3.1%
12:00
4h 22m
BoE Rate Decision
Market: 87% hold at 5.25%
13:30
5h 52m
US Non-Farm Payrolls
Consensus +185k · Prior +228k
Dealer Axes · received overnight
14 new
14
Barclays
Deutsche
Soc Gén
HSBC
Citi
NatWest
Top pick: Santander UK 2029 Cov +58 bps · £32m avail across 3 banks
Switch idea vs HSBC 2028 Senior (+72 bps) → pickup +14 bps
View all axes →
Switch idea vs HSBC 2028 Senior (+72 bps) → pickup +14 bps
Global Multi-Sector: Cash at €42.5m is below minimum threshold of €45m. Excess idle cash or redemption queue creating a 50bps drag. Deploy or reduce.
GBP ReturnPlus: FX hedge USD/GBP £50m notional rolls in T+3 (Apr 14). Roll instruction to trading desk required by EOD today.