OPTIONS: Schatz, Euribor / Sonia Call Structures Feature Wednesday

• "*IRAN LAUNCHES MISSILE STRIKE AT US AIR BASE IN QATAR: TASNIM" (BBG)
• Shortly before, Reuters ran the following: "AIR DEFENSE SYSTEM ACTIVATED IN US AIN AL-ASAD AIRBASE IN IRAQ FOR FEAR OF A POTENTIAL ATTACK -MILITARY SOURCES TO REUTERS"

Fox News reporting on X: "BREAKING: 'Imminent' threat of Iranian strike on US base in Qatar, sources tell Fox News." Comes as speculation intensifies that an Iranian counterstrike on US military assets in the region could take place in the coming minutes or hours. 

• Axios reports: "The Trump administration is preparing for an Iranian attack against American bases in the Gulf in retaliation for its strike on Iran's nuclear facilities this weekend, U.S. officials say."
• As we have noted previously, a strike on US assets could serve as an offramp to tensions, if it is calibrated below the threshold for escalation. This playbook was used during the tensions that followed the US airstrike that killed IRGC general 
• Qasem Soleimani in 2020.
• Axios writes: "The scope of the Iranian retaliation — particularly the number of casualties — will determine how President Trump responds, and whether the U.S. plunges deeper into Israel's war with Iran."
• Matthew Reed at ForeignReports notes on X: ""Leaks" and alerts over the last few hours hint Iran will strike Al Udeid [Qatar], where about 10,000 US troops are/were based before US hit Iran. Attacks on other bases likely. Safe bet US was warned in advance again, making it easier to protect troops. Still a VERY dangerous moment."
• Unsubstantiated reports on social media suggest that the United Arab Emirates is shortly due to follow Qatar's lead in closing its airspace. According to data from Dubai airport, flights appear to be departing as scheduled. 

• Date $MM Issuer (Priced *, Launch #)
• 06/23 $1.5B #BNP Paribas PerpNC10 7.45%
• 06/23 $1B #Marvell Tech $500M 5Y +87.5, $500M 10Y +115
• 06/23 $1B CAF 3Y SOFR+75a
• 06/23 $500M *KT Corp 3.5Y +72
• 06/23 $500M *Turk Eximbank WNG 3Y 7%
• 06/23 $500M Barbados 10Y 8%a
• 06/23 $Benchmark IFC 5Y SOFR+43a
• 06/23 $Benchmark JBIC 3Y SOFR+48a
• 06/23 $Benchmark Nomura PerpNC5.5, 5Y, 10Y
• 06/23 $Benchmark Mexico 7Y +175, +12Y +230
• 06/23 $Benchmark NiSource 10Y +125a, 30Y +135a
• 06/23 $Benchmark Public Service of Oklahoma +10Y +115
• 06/23 $Benchmark JBS USA +10Y +125, +30Y +140, +40Y +155