EU CONSUMER CYCLICALS: VF Corp | 4Q (to March) earnings (x3)
Will continue to pay down debt and flags that expectation on front maturity: the €500m 26s. Is guiding to FCF being up y/y ($313m LY). Co is continuing to pay $35m/qtr in dividends ($140m/yr). Flags $2b revolver as additional liquidity.
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STIR: Repo Reference Rates
- Secured Overnight Financing Rate (SOFR): 4.32% (+0.01), volume: $2.505T
- Broad General Collateral Rate (BGCR): 4.31% (+0.01), volume: $1.047T
- Tri-Party General Collateral Rate (TCR): 4.31% (+0.01), volume: $1.016T
- (rate, volume levels reflect prior session)
US TSY OPTIONS: Early Treasury Option Roundup
Mixed Treasury option flow gradually picking up ahead the NY open, light overnight trade with Europe closed for Easter Monday. Underlying futures extending lows, curves twisting steeper with short end resisting sell-off, 2s10s +9.053 at 61.299. Despite this morning's sell-off, projected rate hike pricing gain slightly vs. Thursday levels (*) as follows: May'25 at -3.4bp (-2.7bp), Jun'25 at -19.0bp (-17.6bp), Jul'25 at -40.1bp (-38.6bp), Sep'25 -59.9bp (-57.4bp).
- Treasury Options:
- 4,000 TYK5 109.5/111 put spds vs. 111/111.5 call spds ref 110-30
- 2,000 TYK5 110.75/111.5 strangles 30 ref 110-29.5
- 1,500 FVM5 108.5/109 call spds, 14.5 ref 108-16.5
- over 7,400 TYM5 114 calls, 14 last
- over 6,000 TYK5 110.75 puts 18 last
- over 9,900 TYK5 110 puts, partly tied to 109/110 2x1 put spds
- 2,500 wk2 TY 112 calls ref 111-06
US TSY FUTURES: Extending Lows
- Futures extending lows again, sellers meet limited buy interest, low overall volumes volumes at Jun'25 10Y trades down to 110-30 (-7.5), total volume just over 151k. 10Y yield climbs to 4.3676% (+.0427).
- Initial Technical support below at 110-15/109-08 (Low Apr 15 / 11 and the bear trigger); Continued weakness would refocus attention on 109-08, the Apr 11 low. A break of this level would resume the downtrend.
