PIPELINE: Corporate Bond Update: $5.5B HSBC 3Pt Launched

May-08 17:54
  • Date $MM Issuer (Priced *, Launch #)
  • 05/08 $5.5B #HSBC $2.25B 6NC5 +125, $1.25B 6NC5 SOFR+157, $2B 11NC10 +140
  • 05/08 $1.5B Fair Isaac 8NC3 6%
  • 05/08 $700M #Caixa Economica 5Y 5.875%
  • 05/08 $Benchmark AIB Group 6NC5 +165a
     

Historical bullets

TARIFFS: Brief Spike In Equities On Unclear White House Comms

Apr-08 17:51
  • Stocks popped higher on "*LEAVITT: 10% UNIVERSAL BASELINE TARIFF WILL GO INTO EFFECT" - bbg
    Presumably on the assumption that the higher individual tariff rates for those with trade surpluses with the rest wouldn't go ahead tomorrow.
  • But she'd earlier said "*LEAVITT: 'RECIPROCAL TARIFFS' WILL CONTINUE TO GO INTO EFFECT" - bbg
  • The former sounds like a misunderstanding with the 10% tariffs already in place as we first posted, but communication is certainly unclear. The 10% minimum rate had already come into effect on Saturday at 0001ET.
image
S&P 500 e-mini. Source: Bloomberg

STIR FUTURES: BLOCK: Sep'25 SOFR Buy

Apr-08 17:47
  • +10,000 SFRU5 96.465 (+0.050), buy through 96.455 post time offer at 1339:00ET, contract trades 96.475 last.

US TSY OPTIONS: Recent Flow Looking Mildly Bullish on Rates

Apr-08 17:35
  • +5,000 TYM5 113.5/114.5 call spds, 14 ref 111-22.5
  • +1,750 FVK5 108.75/110 1x3 call spds, 3.5
  • -1,500 TUK5 103/103.5 3x2 put spds, 7 net ref 103-24.25 to -23.88