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BLOCK, SOFR Put Fly Targets Late 2023 Downside

STIR
Total 5,000 SFRZ3 95.00/95.50/96.00 put flys, 8.5 at 1144-1145ET. Ongoing interest in the limited downside structure targeting late 2023:
  • Paper bought +40,000 SFRZ3 (Red Dec) 95.00/95.50/96.00 put flys, 7.0-7.5 on Sep 14: in addition to 30k back in mid-July from 4.0-3.5 Last month included a buy of +70,000 short Dec SOFR 95.50/96.00/96.50 put flys at 8.5 back on Aug 25 (expires same time as SFRZ2 futures but uses SFRZ3 as underlying.

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