OUTLOOK: Price Signal Summary - Bund Is Oversold But Remains Bearish
Dec-12 11:19
* In the FI space, Bund futures remain in a bear-mode cycle and the contract is trading closer to ...
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FED FUNDS FUTURES: FFF6/G6 Spread Lifted
Nov-12 11:19
FFF6/G6 paper paid -9.5 on 22.5K, ~24K trades there all day. Level is taken bid over with small trading at -9.0 on the follow.
US TSY OPTIONS: Large Upside Structures in Options
Nov-12 11:13
- Some suggestion that Real Money is said to have been HUGE buyers of Upside via Option with around 300k going through this past Week.
- These are looking for a more Dovish path which could be supported given the Latest poor round of US Employment Data.
- The TYF (expiry 26th Dec) 113.50 and 114 calls have mostly been targeted and have been bought in 200k and 100k respectively, these will also expire when the UK are closed.
GILT SYNDICATION: 1.75% Sep-38 linker: Allocations
Nov-12 11:12
- Hedge Ratio: 55% vs 1.125% Nov-37 linker (ISIN: GB00B1L6W962)
- Size: GBP4.25bln (MNI expected GBP GBP4.5-5.5bln) So a little below our expected range despite the strong books.
- Spread set earlier at 1.125% Nov-37 linker (GB00B1L6W962) +10.50bps (guidance was +10.50 / +10.75bps)
- Books closed in excess of GBP69bln pre-rec (inc JLM interest of GBP3.96bln)
- ISIN: GB00BMY62Z61
- Settlement Date: 13-November-2025 (T+1)
- JLMs: GSIB (B&D/DM) / JPM / NOMURA / SANTANDER
- Timing: Hedge deadline 11.30GMT
Source: Market source and MNI colour
