EQUITIES: Large Options in Commerzbank Today
Large Commerzbank Option Today:
- CBK (18/06/25) 20p, sold at 2.90 in 24.25k.
This Morning saw:
- CBK (18/06/25) 24p, bought for 4.15 in 21.25k.
This Option also traded this Week for 4.09 and 4.15 in 42k, but all the big size at 4.15, over 63k total on the Week.
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GILTS: 5s Extends Recent Outperfromance On 2-/5-/10-YEar Fly
5s extend on their late June run of outperformance on the 2-/5-/10-Year fly, given the curve steepening driven by questions surrounding the future of Chancellor Reeves.
- The structure is set to close below -45bp for the first time this year, with the next level of downside interest located at the Mar ’24 closing low (-46.9bp).
Fig. 1: UK 2-/5-/10-Year Gilt Butterfly (bp)
Source: MNI 0 Market News/Bloomberg Finance L.P.
SWAPS: Long End Swap Spreads Reflect Fiscal Worry
UK fiscal worry also showing up in longer dated UK swap spreads, the 10-Year spread is the best part of 3bp lower since speculation surrounding Chancellor Reeves’ future intensified, while 30-Year swap spreads are more than 4bp lower over the same horizon. April lows are still some distance away.
US TSY FUTURES: BLOCK: Sep'25 5Y Sale
- -5,000 FVU5 108-22.25, sale through 108-22.75 post time bid at 0905:20ET, DV01 $220,000.
- The 5Y contract trades 108-23.75 last, however.
