USD: Mixed Price Action for Greenback Following US Data Dump
May-15 12:54
* Solid reversal for the greenback playing out, as an initial dip lower following the data release...
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US TSY FUTURES: BLOCK: Jun'25 10Y Sale
Apr-15 12:54
- -6,752 TYM5 110-21, post time bid at 0848:45ET, DV01 $436,000.
- The 10Y contract trades 110-20.5 last (-3.5)
EURIBOR OPTIONS: Latest Option trades
Apr-15 12:53
- ERM5 98.1875/98.0625ps 1x1.5, bought for 3.25 and 3.5 in 9k.
- ERM5 98.12/98.25/98.37c fly, bought for half in 4k.
EGB SYNDICATION: Italy: 7-year BTP / 30-year BTPei Mandate
Apr-15 12:48
- "The Ministry of Economy and Finance has mandated Banco Bilbao Vizcaya Argentaria SA, BofA Securities Europe S.A., Goldman Sachs Bank Europe SE, J.P. Morgan SE, Natixis SA and Société Générale Inv. Banking for a dual tranche syndicated issuance of a new 7-year BTP due 15th July 2032 and a €3 billion no-grow issuance new 30-year BTP€i - linked to the eurozone HICP ex-tobacco - due 15th May 2056."
- "The transaction will be launched in the near future subject to market conditions."
- "The auction of the BTP€i scheduled for the 24th of April 2025 will not take place."
- We had noted in our issuance publications that we thought there was a chance that a new 7-year BTP (maturing 15 July 2032) would be launched at syndication rather than at auction as part of a dual-tranche syndication (potentially alongside a 20/30/50-year or 20/30-year BTPei) in the coming weeks - so this is not a huge surprise to us.
- We expect the transaction to take place tomorrow and pencil in a wide E7-13bln range for the 7-year BTP (in addition to the E3bln WNG for the 30-year BTPei).
