EM LATAM CREDIT: Colombia: Debt Tender - Positive
(COLOM;Baa3/BBneg/BB+neg)
"Global Banks Move to Buy Colombia Dollar Debt Ahead of Swap Deal" - Bbg
Six large global banks are seeking to buy 12 specific Colombia dollar bonds trading below par with maturities from 2027 to 2061, according to a PR Newswire as reported by Bloomberg. Please see the link below:
The offer is related to total return swaps the banks expect to execute with Colombia as the government seeks to lower their borrowing costs by borrowing in other currencies such as Swiss Francs and Euros.
COLOM 8% 2035 were last quoted T+305bp, 10bp tighter so far today, 61bp tighter QTD and 27bp tighter YTD.
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STIR: Repo Reference Rates
- Secured Overnight Financing Rate (SOFR): 4.36% (+0.00), volume: $2.783T
- Broad General Collateral Rate (BGCR): 4.35% (+0.00), volume: $1.142T
- Tri-Party General Collateral Rate (TCR): 4.35% (+0.00), volume: $1.101T
- (rate, volume levels reflect prior session)
GILT PAOF RESULTS: GBP1.249988bln of the 4.375% Mar-28 Gilt sold.
- GBP1.250bln have been on offer.
- This leaves GBP42.042bln of the gilt in issue.
US TSYS: Early SOFR/Treasury Option Roundup: SOFR Calls, Blocks
Option desks report better upside call trade in SOFR & Treasury options overnight, much better SOFR volumes as they segue from earlier put interest. Underlying futures firmer, projected rate cut pricing mostly steady vs. late Monday (*) levels: Jul'25 at -0.8bp, Sep'25 at -16.6bp (-17.4bp), Oct'25 at -28.1bp (-28.2bp), Dec'25 at -44.4bp (-44.5bp). Year end projection well off early July level of appr -65.0bp.
- SOFR OPTIONS
- Block, 20,000 SFRZ5 96.25/96.50/96.75/97.00 call condors, 3.25 ref 96.075
- Block, 5,000 SFRQ5 95.81/95.93/96.00 broken call flys, 3.75 ref 95.84
- 1,500 SFRZ5 95.25/95.62/95.75 broken put flys ref 96.075
- 9,200 SFRZ5 96.25/96.50/96.75/97.00 call condors ref 96.05
- 2,000 SFRZ5 96.25/0QZ5 97.18 call spds, 0.5
- +10,300 SFRQ5 95.87/95.93 call spds, 1.25 vs. 95.835/0.15%
- Block, 2,500 SFRV5 96.18/96.43 call spds, 4.75 ref 96.07
- 3,000 SFRU5 96.62/97.25 2x1 put spds, 6.5 ref 96.655
- 2,000 SFRH6 95.87/96.25 2x1 put spds over 96.87/97.12 call spds ref 96.28
- 9,000 SFRV5 96.25/96.31 put spds over 96.50/96.75 call spds, 3.5 net ref 96.07
- +1,200 SFRU5 96.00/96.18, 1.0
- 1,250 SFRU5 95.68/95.75/95.81 put flys, 0.75 ref 95.835
- +1,300 0QV5 96.31 puts, 3.0
- Treasury Options
- 12,000 TUV5 104.12/104.37 call spds ref 103-25.62
- +1,500 wk2 TY 107.75/108.75 put over risk reversals, 0.5 net
- 2,450 TYU5 112/113 call spds, 8 ref 110-25
- 1,000 TUU5 103.75/104.12 call spds, 4.5 vs. 103-18.87/0.20%
