SONIA: Call fly buyer

Oct-17 07:27

SFIF5 96.00/96.20/96.30c fly, bought for 4.5 in 5k.

Historical bullets

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.