STIR: BLOCK: Jun'25 SDOFR Put Spread & Additional Flow
Apr-04 17:24
Better call flow has emerged since midmorning, even as under futures have scaled off pre-NY open highs. Projected rate cuts through mid-2025 hve eased slightly vs. this morning highs while first full 25bp cut still priced in for June and over a full point by year end. Current levels vs. morning highs (*) as follows: May'25 at -8.6bp (-11.8bp), Jun'25 at -31.5bp (-38bp), Jul'25 at -56.1bp (-62.4bp), Sep'25 -75.8bp (-85bp).
- Block, -5,000 SFRM5 95.75/95.87 put spds 3.0 over the 96.37/96.50 call spd
- +25,000 SFRM5 95.87/96.31 call spds, 15.25-15.5 ref 96.115
- +50,000 SFRZ5 96.50/96.87/97.25 call flys, 5.5-6.0 ref 96.50
- +16,000 SFRM5 96.31/2QM5 97.00 call spds, 7.5 Green Jun over/flattener
- -5,000 SFRJ5 96.00/96.25/96.50 call flys, 5.75 ref 96.11
- -11,000 SFRK5 95.62/95.68/95.75 put trees, 0.25 ref 96.10
- +5,000 SFRM5 95.75/0QM5 96.00 put spds, 0.75 front June over/flattener
- +5,000 2QU5 97.25/97.31 call spds, 2.0 ref 96.915
- -5,000 2QU5 97.12/97.25 call spds, 4.0 ref 96.91
- +10,000 SFRU5 97.12/97.50 call spds, 5.5
- +8,000 SFRJ5 96.87 calls, 1.0 ref 96.13
- +10,000 SFRZ5 95.62/95.87 put spds, 2.75 ref 96.75
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US TSYS: Tsys Dip on US Weighing Auto Tariff Pause on Canada & Mexico
Mar-05 17:03
- Treasury futures retreat after latest headlines US weighing auto tariffs on Canada and Mexico.
- Still off session lows the Jun'25 10Y contract trades -6 at 111-02 after vs. 110-27 low, still well inside technicals: resistance above at 112-01/02 (High Mar 4 / 1.382 proj of Jan 13-Feb 7-12 swing), support below at 110-23/110-00 (Low Feb 28 / High Feb 7).
- Curves still steeper: 2s10s +3.933 at 28.891, 5s30s +3.428 at 52.483.
GLOBAL: US Weighing Month Delay of Canada & Mexico Tariffs on Autos
Mar-05 17:03
- "*US WEIGHS ONE-MONTH DELAY OF CANADA, MEXICO TARIFFS ON AUTOS" (BBG)
- Bloomberg report that "The Trump administration is considering a one-month delay for automakers from newly imposed tariffs on Mexico and Canada, according to people familiar with the matter, as a temporary reprieve following pleas from industry leaders."
- Commerce Secretary Howard Lutnick has hinted in recent days that exceptions to the initial tariffs were under consideration. Earlier today, he stated that Trump was thinking about autos and USMCA-compliant categories for today's plan.
PIPELINE: Corporate Bond Update: $26B Mars 8Pt Jumbo, 8th Largest on Record
Mar-05 16:58
- Date $MM Issuer (Priced *, Launch #)
- 03/05 $26B Mars $2B 2Y +50, $3.25B 3Y +60, $4.5B 5Y +75, $2.75B 7Y +85, $5B 10Y +95, $2.75B 20Y +110, $4.75B 30Y +117, $1B 40Y +127
- 03/05 $1.5B Axon 5NC2, 8NC3
- 03/05 $1B *KommuneKredit WNG 5Y SOFR+44
- 03/05 $750M #Republic of Armenia 10Y 7.1%
- 03/05 $500M Acadia Health 8NC3
- 03/05 $500M Forestar Group 8NC3
