EGB OPTIONS: Large Schatz Call Fly
Dec-10 14:00
DUH6 106.80/107.00/107.20c fly, bought for 3 in 10k....
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PIPELINE: Corporate Bond Roundup: Verizon Multi-Tranche Highlight
Nov-10 13:57
Rate lock sales certainly added to overnight selling in rates:
- Date $MM Issuer (Priced *, Launch #)
- 11/10 $Benchmark Verizon** 5pt: +7Y +120a, +10Y +130a, 20Y +140a, 30Y +150a, 40Y +160a
- 11/10 $Benchmark Caterpillar 3Y +62.5a, 3Y SOFR
- 11/10 $Benchmark Mosaic +3Y +105a, 5Y +120a
- 11/10 $Benchmark AutoNation +3Y +115a
- 11/10 $700M Carpenter Tech 8.25NC3.25
- ** Note on Verizon is in the top 10 largest issuers on record TWICE. At number 1: $49B on Aug 11, 2013, followed by $25B over 9 tranches on March 11, 2021. Today's issuance may not be as robust, but an estimated $10B from Verizon over 5 tranches not unlikely.
FRANCE T-BILL AUCTION RESULTS: 14/27/39/51-week BTFs
Nov-10 13:55
| Type | 14-week BTF | 27-week BTF | 39-week BTF | 51-week BTF |
| Maturity | Feb 18, 2026 | May 20, 2026 | Aug 12, 2026 | Nov 4, 2026 |
| Amount | E3.2bln | E1.8bln | E700mln | E1.797bln |
| Target | E2.8-3.2bln | E1.4-1.8bln | E0.3-0.7bln | E1.4-1.8bln |
| Previous | E3.2bln | E497mln | E600mln | E2.1bln |
| Avg yield | 2.030% | 2.044% | 2.047% | 2.065% |
| Previous | 2.010% | 2.029% | 3.564% | 2.059% |
| Bid-to-cover | 2.46x | 4.06x | 3.94x | 3.32x |
| Previous | 3.23x | 5.51x | 5.61x | 3.15x |
| Previous date | Nov 03, 2025 | Nov 03, 2025 | Apr 29, 2024 | Nov 03, 2025 |
US TSYS: Paring Losses
Nov-10 13:51
- Treasuries following Bund rebound off lows at the moment, Dec'25 10Y trades 112-21.5 (-6) still off early overnight "high" of 112-23. Decent volumes with TYZ5 >480k.
- Curves mildly flatter: 2s10s -.159 at 53.133, 5s30s -.659 at 100.651.
- TYZ5 resistance to watch is 113-02, the Nov 5 and 7 high. Clearance of this level would highlight a potential bullish reversal.
- While ending US Gov shutdown hopes have risen, decent rate lock sales added to overnight sale with Verizon 5Pt expected today.
