EM CEEMEA CREDIT: Romania: President designates BOLOJAN as PM

• Secured Overnight Financing Rate (SOFR): 4.27% (-0.02), volume: $2.554T
• Broad General Collateral Rate (BGCR): 4.26% (-0.02), volume: $1.060T
• Tri-Party General Collateral Rate (TCR): 4.26% (-0.02), volume: $1.023T
• (rate, volume levels reflect prior session)

Option desks report decent volumes in 10Y call plays ahead of the NY open, SOFR puts on lighter volume so far. Underlying futures weaker, near overnight lows, curves bear steepening. Projected rate cut pricing cooling from late Tuesday levels (*) as follows: Jun'25 at -0.5bp (-1.3bp), Jul'25 at -6.7bp (-7.5bp), Sep'25 at -19.6bp (-21.5bp), Oct'25 at -33.7bp (-35.5bp), Dec'25 at -50.7bp (-52.9bp).

• Treasury Options:
  • 20,000 TYM5 110.5/111 call spds, 2 ref 109-29
  • over 3,300 USN5 109 puts, 50 ref 111-19
  • +8,000 TYM5 111/112/113 call flys, 1.0
  • (another 3k TYM5 112 calls, 1 ref 109-30)
  • +5,000 TYM5 109.5 puts, 6
  • +3,000 TYU5 107.5 puts, 41-42
  • +3,000 FVM5 108 calls, 2
• SOFR Options:
  • 1,900 SFRM5 95.68/95.75/95.81 call flys ref 95.68
  • 2,600 SFRM5 95.75/95.87 2x1 put spds ref 95.68
  • +6,000 SFRM5 95.68 puts, 2.5
  • 2,000 SFRM5 95.75 put vs. 0QN5 96.12 put, 0.5 net flattener
  • +1,000 SFRM5 95.50/95.68 2x1 put spds cab
  • +5,000 0QM5 96.12 puts, 1.0 vs. 96.575 to -.58/0.05%
  • -2,000 2QN5 96.43 puts, 14.5 vs. 96.50/0.44%

SFIM5 95.95/95.90/95.85/95.80 put condor 10K given at 2.