OPTIONS: Sizeable Sonia Call Structure Buying Before And After UK CPI
Dec-17 17:52
Wednesday's Europe rates/bond options flow included:
- DUG6 106.90/107.00/107.10/107.20c condor, bought for 1.5 in 2k
- OEG6 117.5 ^, bought for 142 in 2k
- RXF6/H6 129.5^ spread, sold the March at 73 in 2.25k
- RXG6 129.5/131cs, sold at 9.5 in 4k
- ERU6 98.1875/98.3125 call spread, paper pays 1.75 in 10k
- SFIF6 96.50/96.60/96.70c fly, bought for 1.5 in 5k
- SFIG6 96.45/96.55/96.65c fly, bought for 2.25 up to 2.50 in 15k
- SFIG6 96.60/96.70 call spread paper paid 1.25 on 25K
- SFIH6 96.65/70/75/80 call condor paper paid 0.5 on 12.8K
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TARIFFS: UK "mulls options to retaliate" against EU steel trade barriers
Nov-17 17:31
"*UK MULLS OPTIONS TO RETALIATE AGAINST EUROPE OVER STEEL TARIFFS
*PEOPLE FAMILIAR DISCUSS UK PLANS FOR TARIFF RESPONSE TO EUROPE" - Bloomberg
This is in response to the EU reduction in import quotas announced on 7 October.
PIPELINE: Corporate Bond Update: $6B Morgan Stanley 3Pt Launch, Amazon Guidance
Nov-17 17:30
- Date $MM Issuer (Priced *, Launch #)
- 11/17 $6B #Morgan Stanley $2.35B 3NC2 +80, $650M 3NC2 SOFR+78, $3B 6NC5 +75
- 11/17 $Benchmark Amazon 3Y +30, 5Y +40, +7Y +47, 10Y +55, 30Y +75, 40Y +85
- 11/17 $Benchmark Enbridge 3Y +63, +5Y +80, 10Y +110
- 11/17 $Benchmark Smurfit Westrock Fin 10Y +135a
- 11/17 $900M #Consolidated Edison 30Y +103
- 11/17 $750M Molina Health 5.25NC2
- 11/17 $600M #AptarGroup +5Y +105
US 10YR FUTURE TECHS: (Z5) Resistance Remains Intact
Nov-17 17:17
- RES 4: 114-02 High Oct 17 and the bull trigger
- RES 3: 113-29 High Oct 22
- RES 2: 113-18+ High Oct 28
- RES 1: 113-04+ High Nov 14
- PRICE: 112-21 @ 17:15 GMT Nov 17
- SUP 1: 112-10 100-dma
- SUP 2: 112-06 Low Sep 25 and a reversal trigger
- SUP 3: 112-05 Trendline support drawn from the May 22 low
- SUP 4: 111-23 50.0% retracement of the May 22 - Oct 17 bull leg
Treasuries last week challenged resistance at the 113-02 level, an area of congestion since Nov 5. This hurdle remains intact, however, a clear move above it would be a bullish signal and shift focus on resistance at 113-18+, the Oct 28 high. A break would also cancel a short-term bearish theme. For bears, attention is on 112-10, the 100-DMA and 112-06, the Sep 25 low. Trendline support lies at 112-05.
