PIPELINE: Corporate Bond Roundup: Pershing Square 7Y on Tap
- Date $MM Issuer (Priced *, Launch #)
- 10/23 $Benchmark Pershing Square 7Y +200a
- $7.1B Priced Wednesday, $24.9B/wk
- 10/22 $2B *Softbank $900M 35.5NC5.5 7.625%, $1.1B 40NC10 8.25% (includes E750M 37NC7)
- 10/22 $1.6B *Dominican Republic 10Y 5.875%
- 10/22 $1.5B *Alberta 10Y SOFR+81
- 0/22 $1B *Rep of Korea WNG 5Y +17
- 10/22 $1B *GM Financial 3Y +78
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SOFR: Net Short Setting Dominated In Futures On Monday
OI data points to net short setting as most SOFR futures ticked lower on Monday.
- There were only very limited and fairly isolated rounds net long cover seen through the blues.
| 22-Sep-25 | 19-Sep-25 | Daily OI Change |
| Daily OI Change In Packs |
SFRU5 | 1,463,767 | 1,462,418 | +1,349 | Whites | +45,232 |
SFRZ5 | 1,561,566 | 1,553,763 | +7,803 | Reds | +7,004 |
SFRH6 | 1,171,615 | 1,156,563 | +15,052 | Greens | +7,489 |
SFRM6 | 1,057,429 | 1,036,401 | +21,028 | Blues | +5,971 |
SFRU6 | 938,440 | 938,065 | +375 |
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SFRZ6 | 1,038,300 | 1,037,159 | +1,141 |
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SFRH7 | 745,722 | 743,217 | +2,505 |
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SFRM7 | 816,692 | 813,709 | +2,983 |
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SFRU7 | 661,401 | 662,156 | -755 |
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SFRZ7 | 709,544 | 709,833 | -289 |
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SFRH8 | 436,029 | 438,357 | -2,328 |
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SFRM8 | 365,012 | 354,151 | +10,861 |
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SFRU8 | 270,520 | 269,667 | +853 |
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SFRZ8 | 299,920 | 296,047 | +3,873 |
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SFRH9 | 188,377 | 186,977 | +1,400 |
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SFRM9 | 176,066 | 176,221 | -155 |
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LOOK AHEAD: Tuesday Data Calendar: Flash PMIs, Regional Fed Data, Fed Speak
- US Data/Speaker Calendar (prior, estimate)
- 09/23 Chicago Fed Goolsbee on CNBC
- 09/23 0830 Philadelphia Fed Non-Mfg Activity (-17.5, --)
- 09/23 0830 Current Account Balance (-$450.2B, -$256.6B)
- 09/23 0900 Fed VC Bowman economic outlook, moderated Q&A
- 09/23 0945 S&P Global US Mfg PMI (53.0, 52.2)
- 09/23 0945 S&P Global US Services PMI (54.5, 54.0)
- 09/23 0945 S&P Global US Composite PMI (54.6, 54.0)
- 09/23 1000 Atlantaa Fed Bostic economic outlook, moderated Q&A
- 09/23 1000 Richmond Fed Mfg Index (-7, -5)
- 09/23 1000 Richmond Fed Business Conditions (6, --)
- 09/23 1130 US Tsy $85B 6W bill auction
- 09/23 1235 Fed Chair Powell economic outlook, moderated Q&A
- 09/23 1300 US Tsy $69B 2Y Note auction (91282CPB1)
- 09/23 1530 Chicago Fed Goolsbee on ABC
- Source: Bloomberg Finance L.P. / MNI
US TSY FUTURES: Net Short Setting Dominated On Monday
OI data points to net short setting in most contracts as futures ticked lower on Monday.
- The only exception to the wider theme came via modest net long cover in UXY futures.
- Over ~$7mln DV01 of fresh net short exposure was set across the curve on the day, with the largest positioning swing coming in TY futures (~$3.5mln DV01).
| 22-Sep-25 | 19-Sep-25 | Daily OI Change | OI DV01 Equivalent Change ($) |
TU | 4,560,999 | 4,534,777 | +26,222 | +1,050,813 |
FV | 6,733,310 | 6,725,156 | +8,154 | +359,956 |
TY | 5,443,014 | 5,391,626 | +51,388 | +3,493,614 |
UXY | 2,370,942 | 2,373,451 | -2,509 | -227,392 |
US | 1,834,479 | 1,823,082 | +11,397 | +1,613,108 |
WN | 2,018,624 | 2,014,186 | +4,438 | +823,077 |
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| Total | +99,090 | +7,113,175 |
