US TSY FUTURES: Quarterly Futures Roll Update

• RES 3: 96.064 - 61.8% retracement Oct ‘25 - Mar Downleg (cont) 
• RES 2: 95.925 - High Jan 9 (cont) and a key resistance
• RES 1: 95.475/670 - Low Jul 9 / High Jun 25 / 29 and the bull trigger
• PRICE: 95.360 @ 16:55 BST Jul 27
• SUP 1: 95.195 - Low Apr 30
• SUP 2: 95.035 - Low Mar 23  
• SUP 3: 94.493 - 1.0% 10-dma envelope

A medium-term uptrend in Aussie 3-yr futures since Mar 23 is intact and the pullback since Jun 25 appears corrective. However, the corrective cycle that started Jun 25, has resulted in a breach of a trendline drawn from the Mar 23 low on the continuation chart. Support at  95.365, the Jun 9 low, has also been cleared. This paves the way for an extension towards 95.195, the Apr 29 and 30 low (cont). Key resistance is 95.670, the Jun 25 and 29 high.

• Date $MM Issuer (Priced *, Launch #)
• 07/27 $12.274B #Sopaipilla 22.3Y +287.5 (data center holding company based in El Paso TX: 80% held by Blackrock, 20% by Meta.) 
• 07/27 $1.8B Morton Salt 1.1B 5NC2, $700M 6NC3
• 07/27 $1.325B American Air $1.05147B 12.5Y 5.7%, $273.912M 9Y 6.3%
• 07/27 $500M Cavalier Acquisition 7NC3
• 07/27 $500M #Ryder WNG 5Y +67
• 07/27 $Benchmark Pacific G&E +5Y +90a, 10Y +122a
• 07/27 $Benchmark Uruguay investor calls

• -22,000 TYU6 107 puts, 7 vs. 108-19 to -18.5/0.15%
• +20,000 TYZ6 109.5 calls 48 ref 108-10.5