STIR: SFR call fly
Aug-31 12:51
Similar to SONIA and Euribor, there's been more upside structures today.
- SFRH4 95.50/96.00/96.50c fly, bought for 1.5 in 5k.
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US TSY OPTIONS: Latest 10Y, 5Y Calls
Aug-01 12:49
- 2,000 TYU3 108/109 call spds, 8
- 3,000 TYV3 110/111 2x1 put spds
- 1,500 TYU3 114/115 call spds, 3 ref 111-00
- Over 20,000 FVU3 109 calls, 3.5-4 ref 106-19.25 to -25.5
EUROZONE DATA: MNI Eurozone Inflation Insight, Jul'23
Aug-01 12:43
Our review of July's preliminary Eurozone inflation data (see link below) includes breakdowns and analysis of the national inflation prints, and some sell-side reactions.
- Eurozone July flash headline HICP printed 5.3% Y/Y and -0.1% M/M (vs 5.5% Y/Y and -0.1% M/M prior), roughly in line with expectations. But core HICP was 5.5%, unchanged from June, and a touch above expectations of 5.4%.
- Monthly core HICP and services inflation remained steady at a high rate, but MNI calculations indicate that momentum across all key inflation components fell in July.
- Overall the July report leaves a September ECB hike in the balance, with too little disinflationary progress for comfort, but leaving enough ambiguity about the persistence of price pressures to reconsider further tightening.
FULL PDF ANALYSIS HERE
PIPELINE: August Kicks-Off With Booz; July Total Corporate Issuance Crests $104B
Aug-01 12:42
- Date $MM Issuer (Priced *, Launch #)
- 08/01 $Benchmark Booz Allen Hamilton 10Y +220a
- 08/01 $500M TriNet Group 8NC3 investor call
- $19.2B Priced Monday, total $104.075B high-grade issuance for July
- 07/31 $5B *BAT $1B 5.5Y +175, $1B 7Y +225, $1.25B 10Y +245, $750M 20Y +285, $1B 30Y +305
- 07/31 $3.5B *Mercedes Benz $700M 2Y +52, $400M 2Y SOFR+57, $750M 3Y +72, $900M 5Y +95, $750M 10Y +115
- 07/31 $3.5B *Santander $1.5B 5Y +140, $2B 10Y +295
- 07/31 $2B *Lloyds $1.5B 4NC3 +148, $500M 4NC3 SOFR+156
- 07/31 $1.6B *Norfolk Southern $600M 7Y +102, $1B 30Y +137
- 07/31 $1.5B *State St $1.2B 3Y +75, $300M +3Y SOFR+84.5
- 07/31 $800M *Invitation Homes $450M 7Y +158, $350M 10Y +173
- 07/31 $800M *Xcel Energy 10Y +153
- 07/31 $500M *Consumers Energy +5Y +75
