BRAZIL: Fin Min To Hold Call w/US' Bessent Next Week As To Tariffs Kick In
Reuters reports comments from Finance Minister Fernando Haddad stating that he has a call with US Treasury Secretary Scott Bessent scheduled for next week. Haddad says "We want to open negotiations with the US [and] normalise our relations." Haddad: "We will submit a contingency plan today to help firms affected by tariffs, [a] formal announcement [will come from] the president's office." CNN Brasil reported earlier on the prospect of a pre-recorded message from President Luiz Inacio Lula da Silva being broadcast later today (see 'BRAZIL: President Lula Expected to Stand Ground in Face of Trump Tariffs', 11:39BST).
- G1 reports on the support plan, saying "the measures will be defined for each company, seeking to protect, in particular, small businesses. He anticipated that, among the measures, there will be credit lines with subsidized interest rates."
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EURIBOR OPTIONS: Call Spread buyer
ERU5 98.25/98.37cs, bought for 0.75 and 1 in 4k.
US TSYS: Early SOFR/Treasury Option Roundup: SOFR Call Condors
Option desks report mixed flow on lighter volumes as US markets return from extended 4th of July holiday weekend. Recent Oct'25 SOFR call condors blocked. Underlying futures mixed, curves steeper with the sdhort end outperforming at the moment. Projected rate cut pricing largely steady vs last Thursday (*) levels: Jul'25 at -1.2bp, Sep'25 at -18.9bp (-19.1bp), Oct'25 at -34.7bp (-34.2bp), Dec'25 at -53bp (-51.8bp).
- SOFR Options:
- Block/screen 8,000 SFRV5 96.06/96.18/96.31/96.43 call condors, 3.25
- 1,850 SFRU5 95.87 put vs. 95.93/96.12 call spd ref 95.88
- Block, 5,000 SFRV5 96.12/96.18/96.31/96.43 broken call condors, 0.0
- 2,000 SFRH6 96.50/97.00 call spds ref 96.43
- 2,100 SFRN5 95.75/95.81/95.87 put trees
- 3,336 SFRZ5 95.75/95.87/96.25/96.37 put condors ref 96.18
- Treasury Options:
- 2,000 TYV5 122.5 calls, ref 111-04.5
- 2,400 TUQ5 104.5 calls, 0.5 (exp 7/25)
- 2,000 TYU5 111.5 puts
- -20,000 TYQ5 109.5 puts, 4 ref 111-07
SOFR OPTIONS: BLOCK: Oct'25 SOFR Call condor
- 5,000 SFRV5 96.12/96.18/96.31/96.43 broken call condors, 0.0 net ref 96.18 at 0634:55ET
