HYBRIDS: Energias de Portugal (EDPPL: Baa3/BB+/BB+) Moody’s Upgrade Perps
Apr-02 14:55
As expected * Moody's have followed through with an Upgrade to Perps following the recent Bondholder...
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US TSY OPTIONS: BLOCK, Ratio April'25 10Y Call Spread vs. Puts
Mar-03 14:53
- -22,000 TYJ5 112 calls, 19 vs.
- +25,000 TYJ5 112 calls, 4 and
- +7,500 TYJ5 109 puts, 7 vs.
- +2,200 TYM5 110-30
GILTS: Spill Over From Bund Weakness Dominates
Mar-03 14:52
Spill over from German bonds has driven much of today’s weakness, with focus on the potential for a larger-than-expected expedited round of German fiscal support weighing on wider bond markets.
- Futures have traded through initial support at 92.72. Fresh extension lower would target the Feb 24 low (92.22). although the short-term bullish technical setup remains intact above 91.79.
- Yield are 6-7bp higher across the curve.
- Long end swap spreads narrow, once again alongside the move in the German equivalents.
- GBP STIRs continue to look to the long end for cues on the day.
- BoE-dated OIS shows ~52bp of cuts through year-end vs. 56.5bp late Friday.
- SONIA futures flat to -8.5.
BoE Meeting | SONIA BoE-Dated OIS (%) | Difference vs. Current Effective SONIA Rate (bp) |
Mar-25 | 4.454 | -0.1 |
May-25 | 4.267 | -18.7 |
Jun-25 | 4.209 | -24.6 |
Aug-25 | 4.076 | -37.9 |
Sep-25 | 4.035 | -42.0 |
Nov-25 | 3.950 | -50.5 |
Dec-25 | 3.932 | -52.3 |
US DATA: Surprisingly Firm Mfg PMI Partially On Tariff Front-Running
Mar-03 14:52
- The S&P Global US mfg PMI surprisingly accelerated by more than first thought, rising to 52.7 in the final February print (cons & prelim 51.6) after 51.2 in Jan.
- It’s the joint highest since Jun 2022 whilst both input cost and output charge inflation accelerated.
Press release highlights (full release here):
- “Growth was underpinned by noticeable upturns in both production and new orders.
- There was some evidence that sector expansion was partially driven by advanced purchases ahead of likely price increases and possible supply disruption related to further tariff impositions in the coming months.
- There was also evidence that some suppliers were already adjusting their prices upwards in direct response to tariffs, with input cost inflation increasing to its highest level since November 2022.
- Output charges also rose to a steeper degree, with inflation picking up to a two-year high in February.”
