BOBL: Block Trade

• Date $MM Issuer (Priced *, Launch #)
• 09/10 $3B #KFW 3Y SOFR+30
• 09/10 $1B Federal Home Loan 2Y +4
• 09/09 $Benchmark Komatsu Finance AM 5Y +95a
• 09/09 $Benchmark Saudi Aramco 5Y Sukuk +105a, 10Y +115a
• 09/09 $Benchmark IDA (International Development Association) 7Y SOFR+55
• $14.75B Priced Tuesday, $44.95B/wk

• RES 4: 114-10   High Apr 7 (cont.)
• RES 3: 114-00   Round number resistance 
• RES 2: 113-26+ 2.764 proj of the Jul 15 - 22 - 28 price swing 
• RES 1: 113-21+ High Sep 5
• PRICE:‌‌ 113-07+ @ 11:30 BST Sep 10
• SUP 1: 112-28+/112-14+ Low Sep 5 /  20-day EMA
• SUP 2: 111-28+ 50-day EMA
• SUP 3: 111-13+ Low Aug 18 and a key support  
• SUP 4: 110-25   Low Aug 1 

Treasury futures rallied sharply higher last week and the contract is holding on to the bulk of its latest gains. The move higher highlights an acceleration of the uptrend. Note too that moving average studies remain in a bull-mode position, highlighting a dominant uptrend. This paves the way for an extension through 113-21 next (pierced), the 2.618 projection of the Jul 15 - 22 - 28 price swing. Initial firm support to watch is 112-14+, the 20-day EMA.

OI data points to net short setting across much of the SOFR futures strip on Tuesday, with only fairly limited rounds of net long cover in SFRU6 and and SFRH7 breaking the wider theme.