SOFR OPTIONS: Update: Dec'26 SOFR Call Condor Buy
Mar-26 13:47
* Over +20,000 (5k Blocked earlier) SFRZ6 96.50/96.87/97.25/97.62 call condors, 7.5 ref 96.18...
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EGB SYNDICATION: Spain 30-year Oct-56 Obli: Allocations
Feb-24 13:46
- E7bln (MNI expected E5-8bln, Reuters source said Treasury looks for E6bln - we warned of upside risks after this).
- Books closed in excess of E119bln (including E5.95bln JLM interest)
- Spread set at 4.00% Oct-54 Obli mid (ISIN: ES0000012M93) +5bps (guidance was +8bps area)
- HR: 98% vs 4.00% Oct-54 Obli
- Coupon: Short first
- Maturity: Oct. 31, 2056
- ISIN: ES0000012R56
- Settlement: March 3, 2026 (T+5)
- Bookrunners: BNPP, Citi, CA-CIB, DB, GS, HSBC (B&D / DM)
- Timing: Hedge deadline 14:10GMT / 15:10CET
From market source / MNI colour
EQUITY OPTIONS: EU Bank Call Spread
Feb-24 13:34
SX7E (19th June) 280/305cs, bought for 5.35 and 5.40 in 16k.
US DATA: Solid Weekly ADP One Week Out From Monthly Reference Period
Feb-24 13:32
- ADP employment increased an average 12.75k per week in the four weeks to Feb 7, a fresh high since late November.
- It follows an upward revised 11.5k in the four weeks to Jan 31 (initially 10.25k) and a marginally downward revised 7.25k (vs 7.75k) to Jan 24.
- Stopping one week from the reference period taken for next week’s February report, the monthly equivalent of 51k looks solid compared to the 22k in January and 37k in December. It’s softer than the 74k shown in November after huge revisions a few weeks back having originally been reported as a 34k decline.
- Whilst latest weekly ADP data have stabilized after what were previously seen as declines in the summer to fall of 2025, they still lagged a surprisingly strong 172k increase in private payrolls in the BLS January report (a reminder of limited correlation on a month-to-month basis between the two measures).
