CREDIT SUPPLY: €IG Primary Tracker
Aug-22 11:31
- Primary reopened with EUR 13.8bn in €IG supply across 18 lines from 13 issuers this week; busiest week in terms of volume since the week ending 07 June.
- Cover ratio of 2.8x compared to the YTD average of 3.2x with Mizuho’s Green 6NC5 seeing the strongest books at a 4.7x cover while Erste Group’s 8NC7 SP, National Australia Bank’s 5.5yr Green SP and Swedbank’s 3yr FRN all saw covers below 2x.
- Average launch spread of just MS+103bps due to the presence of higher quality deals; twelve of the eighteen lines were AA/A rated with no BBB- deals.
- Average and median NIC of 3bp ranging from the -8bp on Paccar’s 3yr up to 10bp on Volvo’s 10yr and BBVA’s 12NC7 T2.
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EGB OPTIONS: Sep '24 Bobl Put
Jul-23 11:19
OEU4 115.50p, paper pays 10.5 in 8.3k.
- Strike at 115.50 is just below the July 5 low and key short-term support at 115.530.
OPTIONS: Larger FX Option Pipeline
Jul-23 11:19
- EUR/USD: Jul24 $1.0990(E3.2bln), $1.1000(E1.0bln)
- USD/JPY: Jul24 Y156.00-05($2.3bln); Jul25 Y158.00($1.5bln)
- AUD/USD: Jul24 $0.6600(A$1.6bln)
- USD/CNY: Jul24 Cny7.3000($1.2bln)
US TSY FUTURES: BLOCK: Sep'24 5Y Sale
Jul-23 11:08
- -4,500 FVU4 107-09.25, sell through 107-09.5 post time bid at 0701:00ET, DV01 $190,000. Contract trades 107-08.75 last (+2.5)
