EU HEALTHCARE: Healthcare: Week in Review
• Galderma was the top performer on strong sales and reduced debt. https://mni.marketnews.com/4f7vOOJ
• AZN announced a $50bn investment in US manufacturing.
• Roche Neutral (Link) New drugs offset patent expirations and diagnostics weakness. Discussed selling direct-to-patients in the US to cut out middlemen and bring down prices. Announced $50bn investment in US back in April.
• Sanofi acquired Vicebio for $1.15bn upfront and $450m in milestones. Giving them a platform to compete with GSK and Pfizer in the RSV vaccine market.
• Sartorius – we saw as a small positive for credit. Sales and EBITDA were up and the company remains on a deleveraging track. RBC did move to Outperform. Equity market reaction was initially very negative, -12%, as guidance was unclear and could not account for tariff effects, but it did recover. (Link)
• Glaxo had good news from both the US and the EU on Blenrep approval.
• Danaher Small positive (Link). Guidance increased.
• Eurofins Neutral (Link) generally improving and governance issues addressed.
• Lonza Positive (Link) Strong growth with outlook raised. Making progress to sell the Capsules CHI business.
• Thermo Fisher Small Positive (Link)
• Bureau Veritas Neutral Results. Debt funded M&A likely to increase but at a measured pace. (Link)
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US: MNI POLITICAL RISK - Trump Pushes Back On Iran Intel Leak
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- President Donald Trump is in the Netherlands for a truncated NATO leaders’ summit focused on wrapping up a pledge to boost NATO defence spending to 5% of GDP, a major win that offers Trump a victory lap.
- Trump will meet with Ukrainian President Volodymyr Zelenskyy, with the latter attempting to recentralise Russia’s war in Ukraine after the conflict took a backseat to the Israel-Iran war. Secretary of State Marco Rubio said the US is not ready to consider additional sanctions on Russia.
- Democratic socialist Zohran Mamdani is on track to win the New York mayoralty, triggering another partisan flashpoint in US politics.
- Trump administration officials and Israeli intelligence have pushed back against reports that US strikes failed to significantly damage Iranian nuclear sites.
- Fed Chair Jay Powell is on Capitol Hill for a second round of testimony on the Semi-Annual Monetary Policy Report.
- Senate Majority Leader John Thune (R-SD) is likely to gamble that pressure from Trump will be enough to force the OBBB through the Senate. Thune is expected to hold the first procedural votes on the bill on Friday. The House Freedom Caucus is signalling that they will vote no on the Senate package, in its current form.
- NEC Director Kevin Hassett said the Trump administration is waiting for Congress to complete the OBBB before announcing pending trade deals.
- Poll of the Day: Republican support for Iran strikes has surged since the military action.
Full Article: US DAILY BRIEF
US TSYS: Early SOFR/Treasury Option Roundup
SOFR & Treasury options see moderate volumes overnight, trade relatively mixed compared to better upside SOFR calls the last couple sessions. Underlying futures weaker, near recent lows. Curves bear steepen (2s10s +3.802 at 50.527) while projected rate cut pricing largely steady vs. late Tuesday levels (*): Jul'25 at -5.2bp (-4.7bp), Sep'25 at -25.8bp (-25.3bp), Oct'25 steady at -41.2bp, Dec'25 at -59.7bp (-59.6bp).
- SOFR Options:
- Block, 2,500 2QN5 96.68/96.93/97.18 call flys, 0.75 ref 96.775
- 2,500 0QN5 97.12/97.18 call spds vs. 96.12/96.37 put spds ref 96.82
- 2,000 SFRH6 98.50 calls, 2.5
- 2,000 SFRZ5 95.68/SFRU6 96.12 put spds
- +2,000 SFRQ5 95.93/96.06 call spds, 4.0 vs. 95.965/0.17%
- 3,200 SFRU5 95.62/95.75 put spds, 2.5 ref 95.96
- Treasury Options:
- 8,500 TUQ5 105/106.5 1x2 call spds ref 103-27.75
- +1,700 TYQ5 108/109.5 2x1 put spds, 3 ref 111-19.5
- +5,000 TYU5 107/108 put spds, 4 ref 111-14/0.04%
- +1,500 TYQ5 112.5/114.5 call spds, 21 vs. 111-21/0.23%
- 1,370 wk4 TU 103.62/103.75/103.87/104 call condors, exp 6/27
- 4,300 TYQ5 113 calls ref 111-23.5
- 3,000 TYQ5 111.5 calls
GILT PAOF RESULTS: The PAOF for the 4.375% Jan-40 Gilt was not taken up.
- GBP812.5mln have been on offer.
- This leaves GBP27.364bln of the gilt in issue.
