EQUITIES: Large EU Bank put fly
SX7E (18th July) 185/175/165p fly, bought for 0.8 in 23k....
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PORTUGAL T-BILL AUCTION RESULT: 11-month BT Results
| Type | 11-month BT |
| Maturity | Mar 20, 2026 |
| Amount | E1.25bln |
| Target | E1.00-1.25bln |
| Previous | E1.223bln |
| Avg yield | 1.974% |
| Previous | 2.227% |
| Bid-to-cover | 1.9x |
| Previous | 2.48x |
| Previous date | Mar 19, 2025 |
STIR: Cover Dominated In SOFR Futures On Tuesday
SOFR futures were subjected to more pronounced OI movement than their Tsy peers on Tuesday, with net long cover seemingly dominating in the whites, before net short cover came to the fore further out the strip.
| 15-Apr-25 | 14-Apr-25 | Daily OI Change |
| Daily OI Change In Packs |
SFRH5 | 1,120,538 | 1,118,447 | +2,091 | Whites | -61,663 |
SFRM5 | 1,225,842 | 1,242,301 | -16,459 | Reds | -79,240 |
SFRU5 | 972,961 | 997,273 | -24,312 | Greens | -20,827 |
SFRZ5 | 1,065,880 | 1,088,863 | -22,983 | Blues | -8,594 |
SFRH6 | 659,193 | 672,680 | -13,487 |
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SFRM6 | 703,130 | 724,145 | -21,015 |
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SFRU6 | 662,402 | 679,706 | -17,304 |
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SFRZ6 | 878,840 | 906,274 | -27,434 |
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SFRH7 | 596,613 | 605,552 | -8,939 |
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SFRM7 | 553,912 | 563,948 | -10,036 |
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SFRU7 | 364,189 | 365,486 | -1,297 |
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SFRZ7 | 404,394 | 404,949 | -555 |
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SFRH8 | 254,197 | 257,684 | -3,487 |
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SFRM8 | 180,371 | 183,053 | -2,682 |
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SFRU8 | 135,530 | 137,181 | -1,651 |
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SFRZ8 | 148,360 | 149,134 | -774 |
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EGBS: Weak 30-year Bund Auction Weighs On German Futures
Bund futures weakened following a soft 30-year auction, having now unwound ~75% of gains since yesterday's settlement. Futures are +24 ticks at 131.10 at typing, down from a session high of 131.52. Risk sentiment remains soft following overnight concerns around Nvidia’s H20 chip sales in China and fresh Trump tariff rhetoric. A BBG sources piece around US/China trade negotiations has provided some reprieve to equity markets.
- Yesterday’s high at 131.57 provides resistance in Bunds, with the 20-day EMA at 129.84 continuing to provide support.
- German yields are 1-2.5bps lower, with the curve steepening following the auction result. Today's 30-year sale followed a weak Bobl auction yesterday.
- This morning’s soft risk tone generally sees 10-year EGB spreads to Bunds widen. The BTP/Bund spread is up 1.5bps to 119.5bps, but remains comfortably above last week’s close following S&P’s rating upgrade after hours on Friday.
- Spreads have been set at today’s dual tranche 7-year BTP / 30-year BTPei syndication. MNI expects the 7-year size between E7-13bln. Greece also sold E200mln of the 3.875% Mar-29 GGB
- US retail sales data provides the main macro point of interest this afternoon.
