EGB OPTIONS: Bund call fly
May-16 07:31
RXM5 131/132/134 broken c fly, bought for 3 in 1k.
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CROSS ASSET: Gold is heading to $3,300.00
Apr-16 07:27
- Gold is now fast approaching the $3.3k mark, all multi cross assets (safe haven) have benefitted today on more Tariffs escalations, Gold, Core Bonds, Swissy and the Yen are all on the front foot.
- The $3300.00 is so far providing a decent hurdle, printed a $3298.06 high.
- A clear break through that level, opens to $3347.7 - 1.382 proj of the Dec 19 - Feb 24 - Feb 28 swing.
EGB SYNDICATION: Italy 7-year BTP / 30-year BTPei: Books open
Apr-16 07:20
7-year BTP:
- Guidance: 3.15% Nov-31 BTP +14bps area
- Size: EUR benchmark (MNI expects E7-13bln)
- Maturity: 15 July 2032
- ISIN: TBC
- Coupon: Short first on 15 July 2025
30-year BTPei:
- Guidance: 0.15% May-51 BTPei RY +38bps area
- Size: E3bln WNG
- Maturity: 15 July 2032
- ISIN: TBC
- Coupon: First full on 15 May
For both:
- Settlement: 25 April 2025 (T+5)
- Bookrunners: BBVA / BofA / GSBE SE / JPM (DM/B&D) / Natixis / Societe Generale
- Timing: Books open, Today's business
From market source / MNI colour
US TSY FUTURES: FV/US Steepener Blocked
Apr-16 07:16
Latest block trade lodged at 07:53:36 London/02:53:36 NY:
- FVM5 8.2K lots blocked at 108-09+.
- USM5 2.8K lots blocked at 114-22.
- Subsequent price action on the 5s20s curve points to a steepener, DV01 ~$355K.
- 5s20s curve back towards cycle closing highs at 89.7bp, last 86.2bp.
Fig. 1: U.S. 5s20s Curve (bp)
Source: MNI - Market News/Bloomberg
