EM LATAM CREDIT: Ecuadon Credit Rating Upgrade

• Day 3 books for the Oct-32 BTP Valore (ISIN: IT0005672016) totalled E3.3bln. Total books now stand at E13.0bln.
• This will be the fifth BTP Valore issued (but the first of 2025) and have the longest maturity to date. Since launching in 2023, BTP Valore volumes have ranged from E11.2-18.3bln with maturities ranging from 4-6 years.
• The last BTP Valore issued in May 2024 (maturity May 2030) saw day 3 books total E2.1bln, and cumulative books after three days total E8.7bln. Cumulative books for the Feb 2024 Valore issue (maturity March 2030) were E14.7bln
• So far in 2025 there have been two Italian retail offerings: the 9-year BTP Piu in February for E14.9bln and the 7- year BTP Italian in May with a retail takeup of E8.8bln.
• Books for the Oct-32 Valore opened on Monday, and will close at 1300CET on Friday (October 24). The guaranteed minimum coupon rates will be 2.60% for years 1-3, 3.10% for years 4-5 and 4.00% for years 6-7.

SFIH6 96.15/96.25/96.40/96.50 call condor, sold down to 3.25 in 18.5k

ERZ6 98.875/99.00 call spread, paper pays 0.75 on 17k