EU REAL ESTATE: Carmila: Long 7yr Guidance (CARDFP; NR/BBB/BBB+)
• Guidance: EU300m (WNG) 7.25yr ms+140a
• Books >EU2.5bn - leads
• IPT: EU300m WNG 7.25yr ms+175a
• FV: ms+145 we saw this before the 32s rallied.
• Comps: Recent CARDFP 3.875 32 z+127 has rallied 7bps this morning. Had been +32 back of Unibail previously.
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SONIA OPTIONS: Large Call Spread buyer
SFIU6 97.40/97.50cs, bought for 0.75 in 20k.
US 10YR FUTURE TECHS: (Z5) Pullback Appears Corrective
- RES 4: 113-06 2.236 proj of the Jul 15 - 22 - 28 price swing
- RES 3: 113-00 Round number resistance
- RES 2: 112-28+ 2.000 proj of the Jul 15 - 22 - 28 price swing
- RES 1: 112-20+ High Aug 28 / 29
- PRICE: 112-04+ @ 11:04 BST Sep 2
- SUP 1: 111-31 20-day EMA
- SUP 2: 111-18+ 50-day EMA
- SUP 3: 111-13+ Low Aug 18 and a key support
- SUP 4: 110-25 Low Aug 1
The trend outlook in Treasury futures is bullish and the latest pullback appears corrective. Last week’s gains delivered a print above 112-15+, the Aug 5 high and a bull trigger. A breach of this hurdle confirms a resumption of the bull cycle and paves the way for a climb towards the 113-00 handle. Moving average studies are in a bull-mode position, reinforcing a bull theme. First support to watch is 111-31, the 20-day EMA.
EGB SYNDICATION: Largest ever 7-year tranche; combined deal matches Jan size
- Putting that Italian syndication size into context - the E13bln tranche is the largest ever for a 7-year (although we have seen two E13bln and one E14bln tranches for 10/10/15 year syndications - with the two E13bln seen this year).
- The combined transaction size of E18bln matches the January size of E18bln (10-year and 20-year green).
