RATINGS: Italy, Spain & The UK Headline Friday’s Sovereign Schedule

• Total 30,500 SFRH6 96.31/96.37 put spds, 1.5 vs. 96.625 to -.64/0.06%

Latest source reporting from Bloomberg on US Bank capital proposals:

• "The Federal Reserve has shown other US regulators the outlines of a revised plan that would dramatically relax a Biden-era bank capital proposal for Wall Street’s largest lenders, according to people familiar with the matter."
• "Some officials have calculated that the terms of the Fed’s plan would lead to an increase of between about 3% and 7% in aggregate for most big banks, said the people, who asked not to be identified discussing the plans. Although there’s no specific projection in the outline, those estimates are lower than the 19% increase in the 2023 proposal and the 9% bump floated in a compromise version last year."
• "Lenders that have bigger trading portfolios could see less of an increase — or even a decrease — tied to the new requirement, said some of the people"

• Secured Overnight Financing Rate (SOFR): 4.23% (+0.07), volume: $2.957T
• Broad General Collateral Rate (BGCR): 4.21% (+0.09), volume: $1.163T
• Tri-Party General Collateral Rate (TCR): 4.21% (+0.09), volume: $1.132T
• (rate, volume levels reflect prior session)