IRAN: WSJ Reporter Suggests Reports Of Draft Deal Are Inaccurate
May-22 13:21
WSJ reporter Norman tweets "Source tells me the draft "deals" circulating are inaccurate"....
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SOFR OPTIONS: Post-Open Option Update
Apr-22 13:06
Modest volumes so far, underlying paring gains as crude prices swing back to overnight highs. Projected rate cut pricing consolidates slightly vs. early morning lvls (*): Apr'26 at +.1bp, Jun'26 at -0.9bp, Jul'26 at -2.2bp (-2.4bp), Sep'26 at -4.6bp (-4.9bp), Oct'26 -6.4bp (-6.9bp).
- 4,000 0QN6 96.87/97.12 call spds, 3.0 ref 96.54
- +2,000 0QU6 96.12/97.00 call over risk reversals, 3.5 vs. 96.62/0.44%
- +5,000 SFRZ6 96.68/96.81/96.93/97.06 put condors, 1.0 ref 96.42
CROSS ASSET: Risk-Off Price Action Surrounding The Strait Of Hormuz
Apr-22 13:01
Risk-off price action (USD & crude bid, equities and bonds offered) noted in recent trade.
- A re-airing of news surrounding Iranian attacks on vessels in the Strait of Hormuz and hardline rhetoric from the country re: the U.S. blockade of the Strait provide the apparent triggers, albeit contain little in the way of meaningful, fresh information.
GILTS: Net Long Cover In Futures On Tuesday
Apr-22 12:54
OI data points to net long cover as gilt futures sold off on Tuesday. OI fell by ~9.1K or ~0.8%. OI has moderated further from last Thursday’s multi-week peak, with the ongoing U.S.-Iran impasse limiting conviction.
