STIR: Repo Reference Rates

• Secured Overnight Financing Rate (SOFR): 4.36% (+0.03), volume: $2.526T
• Broad General Collateral Rate (BGCR): 4.35% (+0.02), volume: $1.039T
• Tri-Party General Collateral Rate (TCR): 4.35% (+0.02), volume: $999B
• (rate, volume levels reflect prior session)

• Size: E8bln (MNI expected E7-13bln)
• Spread set earlier at 3.15% Nov-31 BTP +13bps (guidance was +14bps area)
• Books closed in excess of E50bln (inc E5.55bln JLM interest)
• Hedge ratio: 108% vs 3.15% Nov-31 BTP
• Maturity: 15 July 2032
• ISIN: IT0005647265
• Coupon: Short first on 15 July 2025

30-year BTPei:

• Spread set earlier at 0.15% May-51 BTPei RY +36bps (guidance was +38bps area)
• Size: E3bln WNG
• Books closed in excess of E53bln (inc E3.1bln JLM interest)
• Hedge ratio: 119% vs 0.15% May-51 BTPei
• Maturity: 15 May 2056
• ISIN: IT0005647273
• Coupon: First full on 15 May

• Settlement: 25 April 2025 (T+5)
• Bookrunners: BBVA / BofA / GSBE SE / JPM (DM/B&D) / Natixis / Societe Generale
• Timing: Hedge deadline 13:00BST / 14:00CET

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• President Donald Trump will meet with a Japanese trade delegation at the White House today, offering the first look at how the administration will approach trade talks with allies.
• Trump launched a probe to determine if tariffs are required on critical minerals.
• A standoff between Washington and Beijing over opening trade talks continues. China is reportedly open to talks if Trump "shows respect". White House Press Secretary Karoline Leavitt said: “The ball is in China’s court… We don’t have to make a deal with them.”
• WSJ reports the Trump administration plans to use tariff negotiations to pressure trading partners to limit dealings with China.
• On Thursday, Italian PM Giorgia Meloni will become the first European leader to meet Trump since Liberation Day. Meloni has an ideological affinity with Trump, but her country lags on defence spending and operates a large trade surplus with the US.
• A dozen House Republicans warned they won’t back a reconciliation package that includes major cuts to Medicaid.
• The White House is launching a new phase towards dismantling government regulation.
• Up to 40,000 employees could leave the IRS through a combination of layoffs and buyouts.
• Trump hinted at another farm bailout package.
• The Trump administration is divided over the best way to prevent Iran from acquiring a nuclear weapon
• Poll of the Day: Many Americans expect deportations to lead to higher food prices.

Full Article: US DAILY BRIEF