EU HEALTHCARE: Stryker (SYK: Baa1 pos/BBB+): New $ 4-part deal
Jan-30 13:46
- 4 Part USD deal
- Doesn't look like they will come in EUR.
- "We intend to use the net proceeds from the offering of the SMR notes, together with cash on hand or other immediately available funds, to consummate the acquisition of Inari Tender Offer and to pay related fees and expenses. We intend to use the net proceeds from the offering of the 2027 notes and the 2028 notes for general corporate purposes, which may include working capital, other acquisitions and other business
opportunities and repayment at maturity, redemption or retirement of indebtedness."
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US TSYS: Early SOFR/Treasury Option Roundup
Dec-31 13:35
Decent SOFR & Treasury option volumes on mixed trade this morning, underlying futures rising to near mid-December levels. Projected rate cuts into early 2025 look steady to slightly higher vs. late Monday levels (*) as follows: Jan'25 steady at -2.8bp, Mar'25 -14.6bp (-13.6bp), May'25 -21.3bp (-19.5bp), Jun'25 -30.8bp (-28.8bp).
- SOFR Options:
- 24,000 SFRU5 96.50/97.50 call spds vs. 12,000 SFRZ5 95.50 puts
- +2,500 SFRZ5 96.00/96.50/97.00 call flys, 8.25
- 2,400 SFRH5 95.75/96.00 call spds
- Treasury Options:
- +12,000 TYG5 110.5/111.5/112/112.75 broken call condors, 7 vs. 109-04/0.05%
- +5,000 wk2 US 112/112.5 put spds, 6 vs. 114-06
- 2,000 TYG5 108.5/110 put spds ref 109-01
- 1,100 TYH5 100/103/104 broken put trees ref 109-05
STIR: Repo Reference Rates
Dec-31 13:03
- Secured Overnight Financing Rate (SOFR): 4.37% (-0.09), volume: $2.290T
- Broad General Collateral Rate (BGCR): 4.35% (-0.10), volume: $844B
- Tri-Party General Collateral Rate (TGCR): 4.35% (-0.10), volume: $798B
- (rate, volume levels reflect prior session)
US: Republicans Outnumber Democrats For First Time In Decades
Dec-31 12:47
New analysis of survey data from Gallup shows that there are now more Republican and Republican-leaning voters in the electorate than Democrats, for the first time in decades.
- Patrick Ruffini at Echelon Insights notes: “Historically, this is practically unheard of. Democrats have held a longstanding advantage in party identification that dates back to the New Deal, with Republicans drawing even on only a couple of occasions — the 1994 Republican Revolution and the immediate post-9/11 period.”
- Ruffini continues: “We are now entering a period where the roughly even party ID split reflects the highly competitive nature of national elections. All things being equal we should expect a 50-50 political environment to yield tied party ID, rather than a 3- or 4-point Democratic ID edge. Good Democratic years will mean more Democratic identifiers in the electorate, and good Republican years will mean more Republican identifiers.”
Figure 1: US Adult Party Identification and Leaning in Presidential Election Years
Source: Gallup
