HYBRIDS: Unibail: Tender size
• Unibail is tendering for the outstanding NC25 and NC26 Perps.
• Any-and-all on the FR0013330529 URWFP 5.142% NC25 €99.8m
• Up to €585.2m of the FR0013330537 URWFP 2.875 NC26 (750m total outstanding).
• The UOP on the notes yesterday mentioned refinancing the shorter calls but did not explicitly mention a tender.
(URWFP; Perps Ba1/BBB-/NR)
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US TSY FUTURES: Net Long Setting Dominated On Friday
OI data points to net long setting dominating on Friday, as the soft economic data, President Trump's choice to make changes at the BLS and the resignation of Fed's Kugler factored into the rally in Tsys.
- Over $7mln of net DV01 equivalent was added across the curve, with the only interruption to the wider theme coming via modest net short cover in US futures.
| 01-Aug-25 | 31-Jul-25 | Daily OI Change | OI DV01 Equivalent Change ($) |
TU | 4,544,796 | 4,534,737 | +10,059 | +370,945 |
FV | 6,982,337 | 6,957,890 | +24,447 | +1,047,782 |
TY | 4,975,435 | 4,930,762 | +44,673 | +2,956,817 |
UXY | 2,448,676 | 2,425,449 | +23,227 | +2,038,570 |
US | 1,737,964 | 1,739,990 | -2,026 | -283,762 |
WN | 1,955,341 | 1,948,621 | +6,720 | +1,224,258 |
|
| Total | +107,100 | +7,354,610 |
LOOK AHEAD: Monday Data Calendar: Factory/Durable Goods Orders, Cap Goods
- US Data/Speaker Calendar (prior, estimate)
- 08/04 1000 Factory Orders (8.2%, -4.8%), Orders Ex Trans (0.2%, 0.2%)
- 08/04 1000 Durable Goods Orders (-9.3%, -9.3), Ex Trans (0.2%, 0.2%)
- 08/04 1000 Cap Goods Orders Nondef Ex Air (-0.7%, --)
- 08/04 1000 Cap Goods Ship Nondef Ex Air (0.4%, --)
- 08/04 1130 US Tsy $82B 13W, $73B 26W bill auctions
- Source: Bloomberg Finance L.P. / MNI
BUNDS: Elevated buying interest Goes through
- Third best volume of the day goes through in Bund, around 20k cumulative volumes goes to the upside, the contract is now eyeing the Overnight printed high of 130.06.
- The best volume in Bund went through during the Equity Cash Open, and we noted some buying emerging 45 minutes ago.
- Friday's printed high post NFP is situated at 130.21 for German 10yr.
