EU FINANCIALS: Triodos Bank: FV (€300m WNG 5NC4 Green Sr Pref)
Exp: BBB (Fitch) TRIOD * IPT given at MS+200a. FV based on the 29s looks around MS+155-160bps. * Su...
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STIR: Commerzbank Do Not Thing Recent EUR Repo Richening Is A New Trend
In repos, Commerzbank note that “GC has turned better bid after German and Italian GC reached the highest spread vs. €STR in early July. Core GC has richened back to the most expensive level since January. Part of this may be due to the summer holiday season, the latest bond market sell-off fits the picture of investors selling bonds and holding cash/buying repos. We thus do not consider the latest moves to become the beginning of a structural richening trend and expect spreads to resume the moderate cheapening trend after the summer”.
US TSY OPTIONS: TYU5 106.25 Puts Sold
TYU5 106.25 puts 3K given at 0-01.
FOREX: FX OPTION EXPIRY
Of note:
USDJPY 2.06bn at 148.00/148.25.
EURUSD 1.47bn at 1.1650 (tue).
USDCAD 1.7bn at 1.3770/1.3775 (wed).
AUDUSD 1.01bn at 0.6550 (wed).
EURUSD 2.2bn at 1.1600/1.1610 (thu).
- EURUSD: 1.1650 (208mln), 1.1700 (266mln), 1.1750 (613mln).
- USDJPY: 148.00 (1.02bn), 148.25 (1.04bn).
- GBPUSD: 1.3400 (355mln), 1.3495 (450mln).
- AUDUSD: 0.6550 (555mln).
