SONIA: Call fly buyer
Oct-17 07:27
SFIF5 96.00/96.20/96.30c fly, bought for 4.5 in 5k.
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EGB SYNDICATION: Latvia long 7-year guidance
Sep-17 07:23
- Guidance: MS+100bp area
- Size: EUR benchmark (MNI expects E500-800mln)
- Maturity: 24 January 2032
- Settlement: 24 September 2024 (T+5)
- ISIN: XS2906240028
- Bookrunners: BNPP (B&D), DB, ERSTE
Via market source and Bloomberg
GILTS: Futures Test First Reisstance
Sep-17 07:16
Gilts tick higher at the open, trading as high as 101.51.
- The technical setup remains bullish. Resistance at the Sep 12 high (101.51) is being probed. The level protects a Fibonacci projection (101.78).
- Yields 2-3bp lower across the curve.
- STIR pricing in line with a little more dovish vs. pre-gilt open levels, SONIA futures little changed to +3.0, BoE-dated OIS showing ~53bp of cuts through year-end.
- Cross-market cues remain at the fore.
- Event risk set to ramp up over the next couple of days, with domestic CPI & the latest Fed decision due tomorrow, followed by the BoE decision on Thursday.
- Our full CPI preview is here.
- On the supply front, the DMO will come to market with GBP2.25bln of the 4.375% Jul-54 gilt.
OIL: WTI tests Yesterday's high
Sep-17 07:08
- WTI Tests Yesterday's high and now targets the next immediate resistance at $70.97 - 20-day EMA.
- The October contract is still the front Month, but the November is as active.
- Nonetheless, WTI has now recovered ~$5.50 in the past 5 sessions, since the September printed low of $65.27.
