STIR: OI Points To Long Setting Bias In Most SOFR Futures Early This Week

May-28 10:16

OI data indicates a general bias towards net long setting in SOFR futures between Friday & Tuesday settlements, although there was a pocket of net short cover across the reds.

	27-May-25	25-May-25	Daily OI Change		Daily OI Change In Packs
SFRH5	1,069,748	1,070,469	-721	Whites	+48,701
SFRM5	1,394,695	1,364,253	+30,442	Reds	-32,944
SFRU5	1,102,147	1,097,821	+4,326	Greens	+29,523
SFRZ5	1,064,203	1,049,549	+14,654	Blues	+14,867
SFRH6	763,368	764,236	-868
SFRM6	722,043	730,060	-8,017
SFRU6	723,409	736,714	-13,305
SFRZ6	837,016	847,770	-10,754
SFRH7	686,622	683,982	+2,640
SFRM7	592,974	584,225	+8,749
SFRU7	421,404	412,221	+9,183
SFRZ7	418,615	409,664	+8,951
SFRH8	279,927	288,725	-8,798
SFRM8	197,659	201,997	-4,338
SFRU8	161,649	152,216	+9,433
SFRZ8	193,593	175,023	+18,570

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EGB SYNDICATION: Finland 10-year mandate

Apr-28 10:16

"The Republic of Finland has mandated BNP Paribas, Citi, Credit Agricole CIB, Goldman Sachs Bank Europe SE and Nordea to lead manage its forthcoming long 10-year EUR Benchmark transaction. The transaction will have a 15 September 2035 maturity and is expected to be launched in the near future subject to market conditions."

From market source.

MNI colour: This was largely expected for late April and we pencil in a E4bln transaction size.

BELGIUM AUCTION RESULTS: OLOs / Green OLO

Apr-28 10:12

	2.85% Oct-34 OLO	3.10% Jun-35 OLO	2.75% Apr-39 Green OLO
ISIN	BE0000360694	BE0000363722	BE0000356650
Amount	E970mln	E1.136bln	E1.11bln
Previous	E200mln	E7bln	E791mln
Avg yield	2.991%	3.076%	3.389%
Previous	3.319%	3.141%	3.074%
Bid-to-cover	1.90x	1.92x	1.92x
Previous	3.25x		1.83x
Avg Price	98.843	100.207	92.976
Low Price	98.83	100.19	92.93
Pre-auction mid	98.603	99.946	92.670
Prev avg price	96.185	99.652	96.235
Prev low price	96.18		96.18
Prev mid-price	96.149		95.935
Previous date	07-Mar-25	07-Jan-25	23-Sep-24

MONTH-END EXTENSIONS: Bonds and FX Month End

Apr-28 10:00

MONTH END EXTENSION: This is a repeat.

Bloomberg Bonds:

US Tsys: +0.07yr (average).
EU Govies: +0.08yr (average).
UK Govies: +0.01yr (non event).

MS Bonds:

US Tsys: +0.06yr (small, average).
EU Govies: +0.11yr (decent).
UK Govies: -0.02yr (non event).

Barclays FX:

Their Model sees strong buying signal versus all the Majors.

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