ENERGY: India Oct. Key Industry Output Unchanged on Year

• Spread set at MS + 72bps (guidance weas MS + 80bps area then revised to MS + 75bps area)
• Tap Size: E500bln (WNG)
• Books in excess of E1.55bln (inc E120mln JLM interest)
• Settlement: 28 October 2025 (T+5)
• Joint Leads: Erste Group, J.P. Morgan (B&D) and Societe Generale
• Timing: Books to close at 13:30BST / 14:30CET

From market source
 

• Secured Overnight Financing Rate (SOFR): 4.16% (-0.02), volume: $2.945T
• Broad General Collateral Rate (BGCR): 4.12% (-0.04), volume: $1.164T
• Tri-Party General Collateral Rate (TCR): 4.12% (-0.04), volume: $1.135T
• (rate, volume levels reflect prior session)

Rather modest SOFR/Treasury option volumes to report early Tuesday, as the US Gov enters shutdown day 20. Underlying futures mildly higher (TYZ5 113-21 +2) while US$ index firmer. Projected rate cut pricing largely steady vs. late Monday levels (*): Oct'25 at steady at -24.7bp, Dec'25 at -49.5bp (-50bp), Jan'26 steady at -63.7bp, Mar'26 at -77.2bp (-77bp).

• SOFR Options:
  • 13,000 SFRX5 96.75/96.87 call spds, cab
  • -3,000 SFRZ5 96.50/96.62 call spds, 1.25
• Treasury Options:
  • 3,000 TYF6 116/117.5 call spds vs. 2,000 TYF6 114.5 calls ref 113-16.5
  • -1,500 TYZ5 113.5 calls, 43 vs. 113-16.5/0.52%
  • 1,800 TYF 111.5/115.5 strangles ref 113-16.5
  • +4,300 TYZ5 115.5 calls, 14 vs. 113-29/0.15%
  • +2,000 TYX5 114/114.25/114.5 call flys, 2 vs. 113-24/0.08%
  • 2,000 TYX5 113.25/113.75 1x2 call spds, 6 ref 113-20.5