MEXICO: Finance Ministry Present Q1 2026 Auction Program
Dec-19 14:11
- The Ministry of Finance presents the 2026 Annual Financing Plan and the Government Securities Auction Program for Q1 2026
- Full link here: https://www.gob.mx/shcp/prensa/comunicado-no-67
- Taken from the report:
- In the first quarter of 2026, the Mexican government's public debt policy will continue with a proactive and flexible strategy, aimed at promptly addressing financing needs, prioritizing the local market, and adhering to the public deficit target. This approach will contribute to strengthening public finances and consolidating the country's macroeconomic fundamentals.
- The auctions for CETES with maturities of 28, 91 and 182 days will be held weekly, while those for 1 and 2 year terms will be held every two weeks.
- In the case of Bondes F, the interconnected vessels mechanism will continue to be used in the auctions, increasing the maximum amount to be placed in each issue. Auctions will continue to be held every two weeks for maturities of 1 to 5 years and monthly for maturities of 7 and 10 years.
- Regarding the M Bonds , the amount to be auctioned will decrease for the 3- and 5-year maturities, while for the 20- and 30-year maturities, this amount will increase. The amount currently auctioned for the 10-year maturities will remain the same.
- Regarding Udibonos , the amount to be auctioned in the 3, 10 and 20 year nodes will be increased, while the amount corresponding to the 30 year node will remain unchanged.
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EURIBOR OPTIONS: Call Spread vs Put Spread
Nov-19 14:07
ERU6 98.12/98.25cs vs 97.87/97.75ps, bought the cs for 1 in 6k.
US TSYS: Early SOFR/Treasury Option Roundup: Carry Over Calls Ahead Oct Minutes
Nov-19 14:02
Treasury & SOFR options see better call volume carry over from Tuesday, underlying futures firmer- near highs with markets awaiting FOMC minutes from the Oct meeting this afternoon. Projected rate cut pricing look steady to mildly higher vs late Tuesday levels (*): Dec'25 steady at -12bp, Jan'26 at -22.1bp (-22bp), Mar'26 at -33.4bp (-33.1bp), Apr'26 at -41.1bp (-40.1bp).
- SOFR Options:
- +18,000 SFRZ5 96.18/96.25/96.31 call flys, 0.5 ref 96.1975
- -2,000 0QZ5/SFRZ6 96.87/97.25 strangle spd 42.5 net/Red Dec over
- 17,000 0QG5 97.12 calls ref 96.94
- Block, 3,000 0QZ5 97.50/97.62 call spds 0.5 ref 96.915
- over 10,000 SFRZ5 96.50/96.62 call spds, 0.25 ref 96.19
- 1,000 SFRZ5 96.00/96.12/96.31 broken put flys vs. 0QZ5 96.50/96.75 put spds
- 1,500 0QH6 96.37/96.50/96.75 broken put flys
- +1,000 0QZ5 96.50/96.75 put spd vs. 2QZ5 96.43/96.68 put spd, 0.0 net flattener
- 1,000 SFRZ5 96.18/96.31/96.44 2x3x1 put flys ref 96.1875
- 6,500 SFRF6 96.43 calls ref 96.41
- 1,000 SFRH6 96.37/96.50/96.62/96.75 call condors ref 96.41
- 6,000 SFRZ5 96.31 calls, ref 96.1875
- Treasury Options: Reminder, Dec Tsy options expire Friday
- 15,000 USH6 117/119/122 broken call flys
- 2,000 FVF6 109/109.25 put spds
- 20,000 FVF6 111/111.5/112 call trees ref 109-13.5
- 4,500 TYZ5 114/114.5 call spds, 1 ref 112-28
- 3,100 TYH6 114 calls ref 112-26
- 14,000 Thu wkly TY 112.25/112.50 put spds
- 1,000 TYZ5 113/113.5 2x3 call spds
GILTS: Medium-Term Steepening Risks Still Noted
Nov-19 13:54
The prospect for an expedited BoE easing cycle, the Chancellor’s apparent focus on hiking smaller taxes (where takings are more volatile than the “big 3”) and questions surrounding the leadership of the Labour Party point to ongoing steepening risks for the UK curve.
- This comes after questions surrounding the future of PM Starmer (any potential ousting could result in a meaningful change of fiscal policy alongside increased political risk premium) and Chancellor Reeves’ apparent u-turn when it comes to income tax rate hikes (along with suggestions that she is looking to shield small businesses from tax rises) have driven much of the steepening seen month-to-date.
- 2s10s trades at the highest level seen since early September, last 78bp. Next area of upside interest is located at the September year-to-date closing high (81.63bp).
- 5s30s is threatening a clean break above the September 19 closing high (142.55bp). A move through there would target the cycle closing high (151.97bp).
- The UK Budget (due next Wednesday) presents the key short-term risk event.
