FINANCIALS: Financials - Week in Review 21/02/2025
Feb-21 13:26
Financial bonds, both banks and insurance, gave back a small amount of the previous weeks good perfo...
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FOREX: Goldman Point To Better Entry Points In USD & Vol. After Pullback
Jan-22 13:18
Goldman Sachs note that “the USD and FX vol. both sold-off in response to the lack of clear Trump day 1 tariff news, though it’s difficult to separate out how much of that move is a partial unwind of USD-long positioning, and how much is a more durable market reassessment of tariff risks.”
- They have recently argued that “while the pockets of the market that had built-in more aggressive tariff timelines may be disappointed on day one, it will pay to be patient on the USD-positive tariff impact this year.”
- As a result, they suggest that “this week’s moves both in USD spot, and in broad FX vol. offer better entry points for a view of a gradual but ultimately meaningful Dollar impact.”
PIPELINE: Corporate Bond Issuance Update: Penske, PNC Join List
Jan-22 13:14
- Date $MM Issuer (Priced *, Launch #)
- 01/22 $500M FMO +3Y +35
- 01/22 $Benchmark Penske 5Y +110a
- 01/22 $Benchmark KDB 3Y SOFR+58a, 5Y SOFR+77a
- 01/22 $Benchmark PNC Financial 6NC5 +100a, 11NC10 +150a
EQUITIES: EU Bank put spread
Jan-22 13:10
SX5E (21st Feb) 155/145ps, bought for 1.65 in 10k.
