EM CEEMEA CREDIT: ZAMBIN: Reducing diesel prices

• 5,000 SFRU'26 1Y bundle (SFRU6-SFRM7) +0.020 at 1012:14ET, second likely swap-tied buy with spreads running tighter

• -10,000 TYM5 112 calls, 57 ref 111-14
• Additional recent trade includes:
• 1,600 FVK5 108.5/109 call spds
• 4,500 TYM5 109/110 put spds ref 111-16.5
• 1,150 FVM5 108.5/111 1x3 call spds, 19.5 ref 108-13.25

Ratio call calendar spread crossed at 0944:24ET:

• -8,000 TYK5 111.5 calls, 53 vs.
• +12,500 TYM5 114 calls, 25 vs.
• 1,600 TYM5 111-19