EM CEEMEA CREDIT: Senegal: Bonds Drop Further on Uncertainty
Nov-12 10:57
(SENEGL; Caa1neg/B-neg/NR)
- Uncertainty remains high, one to watch. In secondary markets, our screen feeds show SENEGL 31s and 33s down some 3pt, charting at 69.5 and 63.75 in cash px terms, respectively (source: Bloomberg).
- Whilst the high level of debt/GDP puts public finances under pressure, we remain concerned that the market read of the political reactions following the end of the IMF’s mission last week might not reflect the range of options still available. We await more clarity from the Fund itself, as a Q&A Press Briefing release is due tomorrow.
- Link to our previous note on this: https://mni.marketnews.com/4r9Ve3U
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EQUITY OPTIONS: Large Aston Martin Option
Oct-13 10:52
More large downside Option in Aston Martin.
- AML (19th June) 46p, bought for 3 in ~21.7k
Last Week saw:
- ALM (19th Dec) 68/58ps, bought for 4.5 in 100k.
US TSYS: Cash Closed For Columbus Day, On Headline Watch
Oct-13 10:51
- Treasury futures have modestly pulled back off highs seen at Friday’s close after President Trump threatened new 100% tariffs on China and the imposition of its own export controls on “any and all critical software” on Nov 1 following China’s earlier export curbs on its rare earth metals.
- The threats were subsequently somewhat downplayed over the weekend, prompting this paring of moves, but Treasuries remain firmer on net.
- Cash markets are closed today for the Columbus Day holiday but with a full session for Globex.
- The holiday likely limits volumes later on and Trump flies back from the Middle East. Focus will be on any further US-China headlines plus a mention for Philly Fed’s Paulson, albeit overshadowed by Powell’s NABE appearance tomorrow.
- TYZ5 trades at 113-01+ (-03) on cumulative volumes of 265k, higher than some recent overnight sessions but still on the low side.
- Friday saw a high of 113-09, opening 113-12 (Sep 18 high) after which lies the bull trigger at 113-29 (Sep 11 high). Support meanwhile is seen at 112-14 (50-day EMA).
- Data: None scheduled
- Fedspeak: Paulson (1255ET) – see STIR bullet
- No issuance
- Politics: Trump in Middle East Peace Ceremony, Egypt (0730ET), Trump departs Egypt en route to The White House (1000ET with travel pool).
EGB OPTIONS: Bund Put Fly Buyer
Oct-13 10:48
RXZ5 128.50/127.50/127.00 broken p fly, bought for 18 in 3k.
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