US TSYS: Wrapping Up 2025
Dec-31 17:48
* Treasuries reversed early support after the final weekly claims data for 2025 came out lower tha...
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OPTIONS: Larger FX Option Pipeline
Dec-01 17:39
- EUR/USD: Dec04 $1.1550(E4.1bln), $1.1600(E1.5bln), $1.1650(E1.9bln), $1.1675(E1.2bln)
- USD/JPY: Dec04 Y153.00($1.2bln), Y155.50-70($1.6bln); Dec05 Y155.00($1.4bln)
- GBP/USD: Dec04 $1.3030-50(Gbp2.1bln)
- AUD/USD: Dec05 $0.6500(A$1.1bln)
- USD/CAD: Dec05 C$1.3990-15($1.3bln)
PIPELINE: Corporate Bond Update: Merck 8Pt Guidance Update
Dec-01 17:35
- Date $MM Issuer (Priced *, Launch #)
- 12/01 $Benchmark Merck** +3Y +57, +3Y SOFR+35, +5Y +50, 7Y +60, 10Y +70, +20Y +80, 30Y +85, 40Y +100
- 12/01 $1.3B Post Holdings 10.25NC5.25
- 12/01 $1.2B #Western Midstream $600M +5Y +113, $600M 10Y +148
- 12/01 $1B Hilton Domestic 8.25NC3 5.5%a
- 12/01 $950M #Burlington Northern SF 30Y +85
- 12/01 $Benchmark S&P Global +5Y +58, 10Y +75
- 12/01 $Benchmark GE Healthcare 3Y +60, 10Y +95
- 12/01 $Benchmark National Rural Utilities 2Y +45, 5Y +65
- 12/01 $Benchmark ANZ 3Y +37, 3Y SOFR+59, 5Y SOFR+68
- 12/01 $Benchmark Synovus Bank investor calls
- 12/01 $Benchmark Manulife investor calls
- **(Last time Merck issued debt was on September 2: $6B Merck $750M 2Y +25, $500M 2Y SOFR+46, $750M 5Y +45, $1B 7Y +58, $1.75B 10Y +68, $1.25B 30Y +75; after $4B on August 12: $750M 3Y +45, $1B +5Y +58, $1B +7Y +68, $1.25B +10Y +78)
SOFR OPTIONS: Bullish SOFR Positioning
Dec-01 17:26
Projected rate cut pricing rises vs. late Friday (*): Dec'25 at -25.7bp (-20.7bp), Jan'26 at -31.8bp (-28.4bp), Mar'26 at -38.7bp (-36.1bp), Apr'26 at -45.3bp (-43.4bp).
- +15,000 SFRM6 96.43/96.56/96.81/96.93 call condor w/ SFRU6 96.43/96.56/96.87/97.00 call condors, 7.5-7.75 total
- Update, appr -33,300 SFRF6 96.25/96.37 put spds .75-1.0 over 96.56/96.68 call spds ref 96.44 to -.43
- Block/screen, +17,000 SFRH6 96.37/96.50 call spds, 4.25 ref 96.425 to -.43
