HYBRIDS: Grand City (GYCGR): Residual Hybrid Redemption
(GYCGR; Hyb Baa3u/BB+/nr) * XS1811181566 GYCGR 5.901% Perp only has 3.4m remaining. * These will be ...
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US 10YR FUTURE TECHS: (H6) Bearish Outlook
- RES 4: 113-09 76.4% retracement of the Nov 25 - Dec 10 bear leg
- RES 3: 113-00+ 61.8% retracement of the Nov 25 - Dec 10 bear leg
- RES 2: 112-27+ High Dec 5
- RES 1: 112-20/23 20-day EMA / High Dec 11
- PRICE: 112-10 @ 11:09 GMT Dec 16
- SUP 1: 111-29 Low Dec 10 and the bear trigger
- SUP 2: 111-19 1.236 proj of the Oct 17 - Nov 5 - 25 price swing
- SUP 3: 111-11 1.382 proj of the Oct 17 - Nov 5 - 25 price swing
- SUP 4: 111-00 Round number support
A bearish theme in Treasuries remains intact. Resistance at the 20-day EMA, currently at 112-20, remains intact. A continuation lower would refocus attention on key short-term support at 111-29, the Dec 10 low. Clearance of this level would confirm a resumption of the bear leg and signal scope for an extension towards 111-19, a Fibonacci projection. On the upside, a clear breach of 112-23, the Dec 12 high would strengthen a short-term bull cycle.
SOFR: Net Long Setting Dominated In Futures On Monday
OI data points to net long setting dominating in SOFR futures on Monday, with only limited, isolated instances of net short cover seen as contracts ticked higher on the day.
| 15-Dec-25 | 12-Dec-25 | Daily OI Change |
| Daily OI Change In Packs |
SFRU5 | 1,299,510 | 1,296,569 | +2,941 | Whites | +4,277 |
SFRZ5 | 1,569,979 | 1,575,061 | -5,082 | Reds | +53,885 |
SFRH6 | 1,390,362 | 1,385,834 | +4,528 | Greens | +50,805 |
SFRM6 | 1,117,924 | 1,116,034 | +1,890 | Blues | +29,110 |
SFRU6 | 1,184,180 | 1,181,534 | +2,646 |
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SFRZ6 | 1,146,221 | 1,126,261 | +19,960 |
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SFRH7 | 887,420 | 854,900 | +32,520 |
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SFRM7 | 766,542 | 767,783 | -1,241 |
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SFRU7 | 832,506 | 816,721 | +15,785 |
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SFRZ7 | 841,487 | 830,534 | +10,953 |
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SFRH8 | 478,724 | 459,804 | +18,920 |
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SFRM8 | 416,681 | 411,534 | +5,147 |
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SFRU8 | 384,614 | 389,172 | -4,558 |
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SFRZ8 | 323,557 | 293,990 | +29,567 |
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SFRH9 | 196,101 | 190,702 | +5,399 |
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SFRM9 | 207,932 | 209,230 | -1,298 |
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ECB: MNI ECB Preview: Relative Resilience Confirms In A Good Place
- We have published and e-mailed to subscribers the MNI ECB Preview, including MNI analysis plus analyst views on what to expect at this month's meeting.
- Please find the full report here: https://media.marketnews.com/ECB_Preview_Dec2025_a2c612d108.pdf
