SOFR OPTIONS: BLOCK/Pit: Large Feb'26 SOFR Call Spread Buy
Oct-08 13:47
* +50,000 SFRG6 97.25/97.50 call spds, 1.0 ref 96.52 at 0939-0942ET...
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PIPELINE: Corporate Bond Update: Post-Jobs Issuance Flood Resumes
Sep-08 13:33
- Date $MM Issuer (Priced *, Launch #)
- 09/08 $2.05B NCL Corp $1.025B each: 5.25NC2, 8NC3
- 09/08 $500M Antero Midstream 8NC3
- 09/08 $500M Puget Sound Energy WNG 30Y +115a
- 09/08 $500M Millrose Properties 7NC3 65
- 09/08 $Benchmark Bank of Nova Scotia 3NC2 +75, 3NC2 SOFR, 6NC5 +100a, 6NC5 SOFR
- 09/08 $Benchmark Equitable America Global Funding 2Y +80a, 2Y SOFR, 7Y +115a
- 09/08 $Benchmark Hewlett Packard 2Y +85a, 3Y +95a, 3Y SOFR, 5Y +110a
- 09/08 $Benchmark Elevance 3Y +80a, 7Y +110a, +10Y +125a, 30Y +135a
- 09/08 $Benchmark Wells Fargo 4NC3 +90a, 4NC3 FRN, 11NC10 +115a
- 09/08 $Benchmark Home Depot 3Y +55a, 5Y +70a, 10Y +90a
- 09/08 $Benchmark Korea Development Bank 5Y SOFR+68a
- 09/08 $Benchmark Capital One 6NC5 +120, 11NC10 +145a
- 09/08 $Benchmark Virginia Electric 10 +110a, 30Y +115a
- 09/08 $Benchmark Duke Energy 10Y +120a, 30Y +13a
- 09/08 $Benchmark Danske Bank 6NC5 +105a, 6NC5
- 09/08 $Benchmark Uber +5Y +90a, 10Y +110a
- 09/08 $Benchmark Ares Stategic Inc +3Y, +5Y
- 09/08 $Benchmark Westpac NZ 5Y +85a
- 09/08 $Benchmark Denso 5Y inv calls
- 09/08 $Benchmark PIF 10Y +120a
UK: Labour Deputy Party Leader Contest to Step Up This Week
Sep-08 13:27
- The Labour deputy party leader contest (which is a separate appointment to the Deputy Prime Minister) is expected to begin this week.
- The BBC reported that it expects hustings from MPs on Wednesday before nominations close at 17:00BST on Thursday. Unless Labour’s NEC (National Executive Committee) changes the rules around the appointment, candidates will need at least 20% of the parliamentary party’s support as well as either at least three affiliate groups (at least two of which must be unions) or 5% of local parties.
- Emily Thornberry has already announced that she will run but more concerning for markets will be if Louise Haigh was to be selected for the position.
- Haigh is more left leaning and resigned from the Cabinet last year after pleading guilty to fraud (with respect to an issue from a decade ago). She is yet to formally declare her interest in the position but she wrote an opinion piece in the New Statemen (see here) in which she noted that the OBR “locks in decline” noting that “its models often underestimate the long-term returns of public investment and ignore the wider benefits of progressive taxation or public ownership.” She also argues that she supports “a review of QT’s pace and method, and a shift toward tiered reserve interest to match what other central banks already do, could save billions and ease pressure on spending.”
- The position of deputy party leader is more symbolic than anything, but with it would come influence and the ability to further ignite some of the left leaning backbenchers to put pressure on some of the fiscal reforms that more progressive members of the party (and markets) deem necessary.
SOFR OPTIONS: BLOCK: Nov'25 Call Spread Sale vs. Dec'25 Call Fly
Sep-08 13:27
- 7,000 SFRX5 96.37/96.50 call spds (4.25) vs. 5,000 SFRZ5 96.56/96.68/96.81 call flys (0.75) at 0909:20ET
