EQUITIES: Large Commerzbank Option trade

2.50% Oct-29 RAGB (ISIN: AT0000A3EPP2)

• Reoffer: 100.86 to yield 2.293%
• Spread set earlier at MS + 19bp (guidance was MS+20 Area)
• Benchmark: HR 99% vs 2.50% Oct-29 Bobl +32.5bp. Spot ref 102.24.
• Size: E3bln (inc E500mln retention)
• Books closed in excess of E16.7bln (inc E1.525bln JLM interest)
• TOE: 13:46BST / 14:46 CET. FTT immediately.

3.20% Jul-39 RAGB (ISIN: AT0000A3D3Q8)

• Reoffer: 99.562 to yield 3.238%
• Spread set earlier at MS + 66bp (guidance was MS+67 Area)
• Benchmark: HR 87% vs 4.25% Jul-39 Bund +52.7bp. Spot ref 117.92
• Size: E2.25bln (inc E250mln retention)
• Books closed in excess of E22.9bln (inc E1.25bln JLM interest)
• TOE: 13:43BST / 14:43 CET. FTT immediately.

3.15% Oct-53 RAGB (ISIN: AT0000A33SK7)

• Reoffer: 95.00 to yield 3.427%
• Spread set earlier at MS + 97bp (guidance was MS+98 Area)
• Benchmark: HR 104% vs 1.80% Aug-53 Bund +56.1bp. Spot ref 79.51
• Size: E1.75bln (inc E250mln retention)
• Books in excess of E23.2bln (inc E1.65bln JLM interest)
• TOE: 13:40BST / 14:40 CET. FTT immediately.

For all:

• Settlement: April 30, 2025 (T+5)
• Bookrunners: Barclays (B&D), Citi, DB, GS, JPM, Raiffeisen Bank

From market source

• FRBNY EFFR for prior session:
  • Daily Effective Fed Funds Rate: 4.33% (+0.00), volume: $99B
  • Daily Overnight Bank Funding Rate: 4.33% (+0.00), volume: $287B
• Repo Reference Rates - from earlier
  • Secured Overnight Financing Rate (SOFR): 4.30% (-0.02), volume: $2.527T
  • Broad General Collateral Rate (BGCR): 4.29% (-0.03), volume: $1.034T
  • Tri-Party General Collateral Rate (TCR): 4.29% (-0.03), volume: $993B
  • (rate, volume levels reflect prior session)

SX5E (16th May) 5200c, bought for 31.50 in 7k vs 1.61k at 5020.