Police officers walk past the Supreme Court of Pakistan building, in Islamabad, Pakistan April 6, 2022. REUTERS
For the first time in Pakistan’s…
The 10s30s curve has stabilised to around 25bp over the past month, but with the Dutch pension fund reforms on our doorstep, we doubt that stability can hold. The Dutch central bank (DNB) published a piece that highlights the risks to markets given the significant flows anticipated. According to DNB, market analysts anticipate funds will reduce their government bond and swap holdings with maturities of more than 25 years by €100bn to €150bn. Without further specification, DNB suggests that these estimates correspond to approximately the average flows in swap markets for a regular month.
Estimating the exact amount and timing remains a challenge and depends on the assets and liabilities as of the transition date. In our view, this means that the actual market impact in January 2026 could go either way – even a flattening of the 10s30s due to over-positioning by other financial players cannot be dismissed. What we do expect, however, is to see increased volatility. Whilst implied volatility measures of 30Y swaptions have fallen over the past week, they remain elevated compared to those of shorter maturities.
At the same time, DNB thinks the risks are well managed, mitigating the chance of seeing market stress around the transition dates. From a regulatory perspective, funds are given a year to adjust hedges and other financial players should be well-prepared to absorb the anticipated flows. We think markets will be pushed to their limit as funds will have a first-mover advantage by trading before longer-dated rates rise against them.
From a structural view, we think the steepening from the back end could continue. Both governments and the European Central Bank continue to add to the supply of bonds that need to be absorbed by the market, whilst the demand from Dutch pension funds will not return. Having said that, we also don’t think 30Y yields will rise uncontrollably, because, with sufficient term premium and swap spreads, Dutch pension funds will also see value in holding these bonds.
As a result, the board will be reduced from five to four members. This fits well with KLM’s cost-saving programme Back on Track, which places a strong emphasis on increasing organizational efficiency. After the change, the board will consist of Marjan Rintel (President and CEO), Bas Brouns (Chief Financial Officer), Maarten Stienen (Chief Operating Officer), and Miriam Kartman (Chief People Officer).
Marjan Rintel: “We are very grateful to Barry for the significant contribution he has made to the development of KLM over nearly thirty years. Thanks to his talent for commerce and customer experience, we have made great strides. Both at KLM and Air France-KLM, Barry is valued for his tireless dedication, focus on results, and strong commitment to putting the customer first in everything we do. I wish him all the best and much success in the next steps of his career.”
Barry ter Voert: “Saying goodbye to the company where you have worked your entire career is of course no small step. But it has been a wonderful journey, during which I have had the pleasure of working with fantastic colleagues. I am proud of what KLM stands for: an airline that dares to pioneer and puts customer experience first with new products and personal attention for the customer. I am grateful to KLM for the opportunities I have been given and will always hold the company and my colleagues in high regard.”
Barry ter Voert started at KLM 29 years ago as a management trainee. He has held various positions in the commercial domain and was, among other things, Senior Vice President Revenue Management and Senior Vice President Europe for Air France-KLM. His portfolio on the board included Mainport Strategy, Fleet Development, Network Planning, Alliances, Customer Experience, and Information Services. These responsibilities will be taken over by the other board members.
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The Khyber Pakhtunkhwa (KP) government has decided to impose a complete ban on traditional brick kilns as part of its efforts to tackle environmental pollution and reduce smog levels in the province.
According to the provincial Environmental…
The oil price has jumped after the US has sanctioned Russia’s two largest oil companies to increase pressure on the Kremlin to negotiate an end to its war against Ukraine.
The White…
In order to keep providing you with our global services, Maersk is revising the Peak season surcharge for the scope China, Hong Kong China, Indonesia, Malaysia, Philippines, Singapore, Taiwan China, Cambodia, Laos, Myanmar (Burma), Thailand, Vietnam to South Africa, Mauritius effective: 01-Nov-25 until further notice.
The tariff amount is detailed as follow:
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Origin |
Destination |
effective date |
Currency |
40HREF NOR (Y) |
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* Non-SPOT booking – The above rate is retrieved based on PCD. PCD = Price Calculation Date. For non-FMC, PCD refers to the scheduled departure date of the first water leg at the time of booking confirmation for non-spot bookings. For FMC, PCD is last container gate-in date for non-spot bookings.
* SPOT booking – The above rate is retrieved based on 1st vessel ETD at booking confirmation for Spot bookings.
For your reference, we have also included the levels and rate structure for some sample corridors from Shanghai, CN to Port Louis, MU from 01-Nov-25 until further notice. These may be subject to future Change; however, we will make sure to notify you accordingly.
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Surcharge Code |
20 DRY |
40 DRY |
40 HDRY |
45 HDRY |
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Surcharge Code |
20 REEF |
40 HREEF |
20 Special
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40 Special
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If you have any questions, please feel free to reach out to our local representatives on Maersk.com
