US TSY OPTIONS: Sep'25 10Y Put Buyer

There have been mixed reports from Capitol Hill on the status of negotiations between Senate Republican leadership and GOP holdouts as the 'vote-a-rama' on the One Big Beautiful Bill continues. So far, no clues on when the bill could be put on the floor for an up-down vote.

• As noted in previous bullet, Senate Majority Leader John Thune (R-SD) needs to flip one of the two wavering moderate senators, Lisa Murkowski (R-AK) and Susan Collins (R-ME). See: US: Senate Vote-A-Rama On Big Beautiful Bill Enters Second Day 1/2
• Andrew Desidero at Punchbowl reports: "The mood has turned upbeat inside the chamber. Graham, Crapo, Barrasso and Murkowski were discussing how to sequence possible votes including a substitute."
• Lisa Desjardins notes on X, in a post suggesting the vote-a-rama may have hours left to play out: "The bottom line at this moment is simple: Senate Republicans currently do not have the votes for the OBBBA... The Senate is in a bleary-eyed doom loop at the moment, Voting on amendments, slowly, as Republicans seem to stall for time and Democrats still have amendments proposed."
• Our baseline scenario remains that the Senate will pass the bill today, likely after some horse trading with holdouts and GOP leadership. President Donald Trump will accelerate outreach to wavering Senators, although may be less effective than with House members who face a more immediate electoral threat.
• VP JD Vance, in the Capitol to cast a tie-breaking vote if required, will also apply additional pressure on wavering lawmakers. 

• FRBNY EFFR for prior session:
  • Daily Effective Fed Funds Rate: 4.33% (+0.00), volume: $79B
  • Daily Overnight Bank Funding Rate: 4.33% (+0.00), volume: $157B
• Repo Reference Rates
  • Secured Overnight Financing Rate (SOFR): 4.45% (+0.06), volume: $2.946T
  • Broad General Collateral Rate (BGCR): 4.39% (+0.02), volume: $1.059T
  • Tri-Party General Collateral Rate (TCR): 4.39% (+0.02), volume: $1.038T
  • (rate, volume levels reflect prior session)

• Date $MM Issuer (Priced *, Launch #)
• 07/01 $Benchmark SoftBank Group 3.75Y 6.75%a, 5.5Y 7.125%a, 7 Y 7.500%a, 10Y 7.875%a (in addition to 3 Eur tranches) Note, SoftBank Corp issued $1B over 2 tranches on Monday.
• 07/01 $Benchmark Türkiye Vakıflar Bankası 5Y
• $11.75B Priced Monday