• Final: € 800m 7yr ms+115
• Books: >€3.0bn
• IPT €Bmk 7Y MS+145a; Guidance ms+120a
• FV: ms+110
• Final: € 850m 11yr Green ms+140
• Books: >€3.3bn
• IPT €Bmk 11Y Green MS+170a; Guidance ms+145a
• FV: ms+135
• Final: € 600m 15yr ms+170
• Books: >€2.0bn
• IPT €Bmk 15Y MS+195-200; Guidance ms+175a
• FV: ms+160
(ANNGR; Baa1/BBB+/BBB+)
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A bull cycle in S&P E-Minis remains intact. The contract traded to a fresh cycle high last week to confirm a resumption of the uptrend and maintain the positive price sequence of higher highs and higher lows. Sights are on 6812.29, a Fibonacci projection. Initial support to watch is at the 20-day EMA, at 6684.22. It has recently been pierced, a clear break of it would signal scope for a deeper pullback, potentially towards the 50-day EMA, at 6566.78.
SFRZ5 96.50/96.625cs, bought for 1 in 5k (on Block).
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