SPAIN AUCTION PREVIEW: On offer next week
Jun-10 12:06
Tesoro Publico has announced that it will look to reopen the on-the-run 5-year Bono, an off-the-run Obli with an 8-year residual maturity and the on-the-run 15-year Obli. The auction will take place Thursday 16 June with the target range to be announced on Monday.
- 0% Jan-27 Bono (ISIN: ES0000012J15)
- 1.95% Jul-30 Obli (ISIN: ES00000127A2)
- 0.85% Jul-37 Obli (ISIN: ES0000012I24)
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CANADA: Trimming Belly-10Y Led Rally Ahead of US CPI
May-11 12:05
- GoCs have unwound half the belly to 10Y-led rally from open but yields still sit 2.5-3bps lower as growth fears are at the forefront, underperforming Tsys in the process.
- CIBC on 5Y auction: Inaugural Sep27 with C$4B to be issued, with the 2.75% coupon the largest since the Mar24s in 2019. It’s the first round of belly supply for FY 22/23 and should take benchmark in late summer.
- There are no local data releases of note this week, but cues will as always be taken from US CPI before BoC Dep Gov Gravelle tomorrow gives the main BoC communication ahead of the Jun 1 decision.
US TSY OPTIONS: Overnight Trade Roundup, June Expirys on the Horizon
May-11 12:04
Early reminder, June options expire a week from Friday, on May 20. Meanwhile, June futures first notice date approaching: Tuesday, May 31, with staggered futures expiration in latter half of June (10s, Ultra-10s and 30s on Jun 21; 2s and 5s on June 30). Overnight trade
- Over +18,000 wk2 TY 118.5/119 put spds, 7 vs. 119-09.5/0.20%
- +6,500 wk2 TY 119.75 calls, 13 ref: 119-06.5
- +5,500 TYM 121 calls, 6 vs 118-29/0.06%
- 4,000 FVM 114 calls
OPTIONS: Larger FX Option Pipeline
May-11 11:53
- EUR/USD: May12 $1.0600(E1.2bln), $1.0675-85(E1.1bln)
- AUD/USD: May13 $0.6725(A$1.3bln), $0.7400(A$1.1bln)
- USD/CNY: May16 Cny6.8485($1.4bln)
