EU BASIC INDUSTRIES: Industrials: Week in Review

Oct-31 14:39

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* Air Liquide issued 2.15bn across 4-tranches to finance the 2.85bn DIG Airgas acquisition. The 4y...

Historical bullets

SOFR OPTIONS: BLOCK: Dec'25 SOFR Put Condors

Oct-01 14:38
  • 10,000 SFRZ5 96.12/96.25/96.37/96.50 put condors, 6.25 net at 1029:44ET

GILT AUCTION PREVIEW: On offer next week

Oct-01 14:33

The DMO has announced it will be looking to sell GBP5bln of the new 4% May-29 Gilt (ISIN: GB00BVP99566) at its auction next Wednesday, October 8.

STIR: Fed Pricing Slightly Less Dovish After ISM, Bulk Of Dovish ADP Move Holds

Oct-01 14:33

FOMC-dated OIS incrementally less dovish (little changed to 1.5bp of easing taken out of Fed meetings through June ’25) since the ISM manufacturing survey crossed, showing 25bp of easing through October, 47bp through December, 69bp through March and 89bp through June.

  • SOFR-implied terminal rate pricing last 3.03% vs. 3.085% heading into the ADP data and hawkish September extremes of 3.145%.
  • Lack of reaction to the data isn’t particularly surprising given ongoing focus on the labour market (earlier dovish repricing was driven by a soft ADP report) and the ISM release showing only a slight, uneven improvement in manufacturing conditions amid soft demand (as detailed in our recent macro bullet).

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