OPTIONS: Expiries for Feb21 NY cut 1000ET (Source DTCC)
Feb-21 09:35
* EUR/USD: $1.0400(E2.1bln), $1.0442(E632mln), $1.0450-51(E880mln), $1.0485(E719mln), $1.0500-18(E...
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EGB SYNDICATION: Spain 10-year Obli: Revised guidance
Jan-22 09:32
- Guidance: 3.45% Oct-34 Obli (mid) +6bp area (+/1bp WPIR) (Guidance was +8bp area)
- Size: EUR benchmark (MNI expects E10-15bln)
- Books in excess of E150bln
- Maturity: 30 April 2035
- Coupon: Short first
- ISIN: ES0000012O67
- Settlement: 29 January 2025 (T+5)
- Bookrunners: BBVA, CACIB, DB (B&D/DM), JPM, MS, SANTANDER
- Timing: Books open, today's business
From market source
EGBS: Spreads Continue Recent Tightening, Some Near Key Levels
Jan-22 09:31
Zooming out, the general theme of spread tightening seen over the last week or so has been driven by several factors:
- Notable demand at the early round of ’25 EGB syndications (which included long end OAT supply).
- Continued narrowing of ASW spreads in Germany (linked to German fiscal/supply risk, as well as increasing free float).
- Dovish ECB repricing countering some of the early January hawkish adjustment
- Fresh record highs across some of the major European equity indices.
- An associated move lower in EUR implied FI vol. metrics.
- Some of the major EGB/Bund spreads trade near key levels.
- OAT/Bunds once again struggles to trade meaningfully below 75bp, with French fiscal and political risks continuing to limit spread tightening below that level, at least for now.
- BTP/Bunds near multi-year lows, last ~107bp.
EQUITIES: Estoxx large Put calendar spread
Jan-22 09:21
SX5E (21st Feb/21s Mar) 4700/4800p calendar, aggressor is the seller at 17.25 in 37.5k.
