BRAZIL: Unemployment Rate Rises To 7.0% In March, As Expected
Apr-30 12:01
- "*BRAZIL MARCH NATIONAL UNEMPLOYMENT RATE 7.0%; EST. 7.0%" - BBG
- Unemployment rises from 6.8% in February.
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BUNDS: National CPI Due Imminently
Mar-31 11:57
Bund futures operate off session lows ahead of the German nation CPI reading, last 129.15.
- If the data comes in the soft side it is worth remembering that session highs in futures are located at 129.59, with the March 5 low in 10-Year yields located at 2.654% (today’s low is 2.659%).
- If we get an upside surprise in inflation then bears will look to close opening gaps in Bund futures (128.91) and 10-Year yields (2.727%).
EFSF ISSUANCE: Syndication: 5-year May-30: Allocations
Mar-31 11:41
- Size: E5bln
- Final Spread set earlier: MS+30bps (guidance was MS+32bps area)
- Books closed in excess of E19.5bln (ex JLM interest)
- Hedge ratio 99% vs 2.40% Apr-30 Bobl
- Maturity: 07-May-2030
- Settlement: 07-Apr-2025 (T+5)
- Coupon: Long first to 07-May-2026
- Bookrunners: CITI/CACIB(DM/B&D)/SG
- ISIN: EU000A2SCAT6
- Timing: Hedge deadline 13:05BST, pricing to follow.
From market source
US TSYS: Early SOFR/Treasury Option Roundup: Projected Cuts Rise
Mar-31 11:37
SOFR and Treasury option trade was a little more mixed overnight but still leaning toward low delta/upside calls. Underlying futures add to Friday's rally, Jun'25 10Y futures marks 111-22.5 high (March 11 lvls), resistance above at 112-01 (High Mar 4 and a bull trigger). Meanwhile, curves are steeper near levels since early Jan'22 (5s30s 67.406 high). Projected rate cuts through mid-2025 adding to late Fri levels (*) as follows: May'25 at -6bp (-5.2bp), Jun'25 at -23.6bp (-21.8bp), Jul'25 at -40.6bp (-36.5bp), Sep'25 -58bp (-52bp).
- SOFR Options:
- 4,000 0QM5 97.00/97.50 call spds, 7.5 ref 96.62
- 2,000 0QJ5 96.37/96.50 3x2 put spds ref 96.62
- Block/screen, 10,000 SFRU5/SFRZ5 95.68/95.81 put spd spds, 0.0
- Block, 5,000 SFRZ5 96.25/96.50/96.75/97.00 call condors, 4.5 ref 96.435
- 2,000 2QM5 95.62/95.75/95.93 put flys ref 96.60
- Block, 5,000 SFRU5/SFRZ5 95.62/95.87 put spd spds, 0.0
- Block, 6,000 SFRM5 96.25/96.50 call spds, 2.0 ref 95.955
- Block 5,000 SFRZ5 96.25/96.50/96.75 call trees, 13.0
- 3,000 0QK5 95.75/95.87/96.00/96.12 put condors ref 96.635
- 1,900 SFRN5 95.56/95.62/95.68 put flys ref 96.245
- Treasury Options:
- over 4,400 TYK5 110.5 puts, 21 last ref 111-19
- 3,500 FVK5 108.25/109.25 call spds ref 108-14.5
- 2,000 FVM5 110/111/112 call trees ref 108-13.75
- 5,000 wk1 TY 110.5 puts, 6 ref 111-19
- 12,000 TYK5 113.5/115 call spds ref 111-19 to -19.5
- 1,750 TYK5 112/113 call spds ref 111-21.5
- 3,000 FVM5 109.25/110 call spds, 10.5 ref 108-14.5
- 8,000 TYK5 113/114.5 call spds, ref 111-14.5
