EM CEEMEA CREDIT: MHP SE: $450mn 3.5Y - FV

Better SOFR & Treasury put flow overnight - but on light volumes ahead the Christmas holiday later in week. Underlying futures weaker, near overnight lows on light volumes as well. Projected rate cut pricing cools vs. late Friday levels (*): Jan'26 at -5bp (-5.5bp), Mar'26 at -15.1bp (-15.4bp), Apr'26 at -22.5bp (-22.6bp), Jun'26 at -35.3bp (-35.6bp).

• SOFR Options:
  • +1,500 SFRH6 96.50 straddles, 16.75
  • +2,000 0QF6 99.75 puts, 2.5
  • -4,000 SFRH6 96.18/96.37/96.43/96.56 broken put condors, 5.0 ref 96.49
• Treasury Options:
  • 1,500 USH6 117/120/121 broken call flys
  • +1,200 TYG6 109.5 puts, 2 vs. 112-09/0.10%
  • +2,400 TYF6 112/112.5 2x1 put spds, 10 ref 112-12.5
  • 1,000 TUH6 103.5/104/104.25/104.37 broken put condors ref 104-12.25
  • 2,500 TYH6 112 put vs. USH6 114 puts on 2:1 ratio
  • +2,500 TYH6 110.5/111.5 put spds vs. TYG6 111.5 put, 3 net ref 112-14
  • over 5,700 wk2 TY 112.75 calls 15 ref 112-12.5 to -13

• Former senior NY Fed official Prof. Gianluca Benigno talks about the UK's fiscal-monetary framework -- On MNI Policy MainWire now, for more details please contact sales@marketnews.com

• "Nvidia aims to begin H200 chip shipments to China by mid-February, sources say"
• "Nvidia has told Chinese clients it aims to start shipping its second-most powerful AI chips to China before the Lunar New Year holiday in mid-February, three people familiar with the matter told Reuters."
• "The U.S. chipmaker plans to fulfil initial orders from existing stock, with shipments expected to total 5,000 to 10,000 chip modules - equivalent to about 40,000 to 80,000 H200 AI chips, the first and second sources said." - RTRS