FED: Atlanta's Bostic: "No Time For Significant Shifts" In Policy

• Date $MM Issuer (Priced *, Launch #)
• 06/03 $3B #AfDB: $2B WNG 3Y SOFR+33, $1B WNG 10Y SOFR+64
• 06/03 $2B #Prov. of Ontario: 10Y SOFR+95
• 06/03 $1.5B *CPPIB 5Y SOFR+54
• 06/03 $1.25B *Kommuninvest +3Y SOFR+39
• 06/03 $1B #Hong Kong 5Y Green +50
• 06/03 $500M IADB 2030 tap SOFR+40
• 06/03 $500M Autodesk WNG 10Y +120a
• 06/03 $Benchmark Bank of NY Mellon 3NC2 +75a, 3NC2 SOFR, 11NC10 +100a
• 06/03 $Benchmark GE Healthcare +5Y +110a, 10Y +135a
• 06/03 $Benchmark NAB 3Y +65a, 3Y SOFR, 5Y +75a
• 06/03 $Benchmark Corebridge 5Y +100a
• Expected Wednesday:
  • 06/04 $Benchmark IDA 5Y SOFR+46a
  • 06/04 $Benchmark British Colombia 10Y SOFR+98a

Secured rates remained slightly elevated Monday with SOFR at 4.35%, unchanged from Friday's month-end figure. 

• Large Treasury net cash raising (via coupon auction settlements of a net $94.5B) will have kept rates underpinned (indeed even a slight uptick in rates may well have been expected), though BGCR and TGCR dipped 2bp apiece.
• Tuesday (today) should see rates subside, both with month-end out of the way and $24B in Treasury bill paydowns.

REPO REFERENCE RATES (rate, change from prev. day, volume):
* Secured Overnight Financing Rate (SOFR): 4.35%, no change, $2771B
* Broad General Collateral Rate (BGCR): 4.32%, -0.02%, $1080B
* Tri-Party General Collateral Rate (TGCR): 4.32%, -0.02%, $1046B

New York Fed EFFR for prior session (rate, chg from prev day):
* Daily Effective Fed Funds Rate: 4.33%, no change, volume:  $113B
* Daily Overnight Bank Funding Rate: 4.33%, no change, volume:  $271B
 

• over +28,500 TYN5 110.5 puts, paying 37 ref 110-17, total volume over 39,500 ref 110-18.5
• 0.48% delta and appr 6.48% implied vol on options that expire June 20.