MNI BRIEF: China Rail Freight Up During First Two Months

MNI: PBOC Net Drains CNY4.3 Bln via OMO Friday

MNI: PBOC Sets Yuan Parity Higher At 7.1738 Fri; -0.60% Y/Y

MNI China Press Digest March 14: PBOC, SSE, USD Products

MNI INTERVIEW2: Policy Lag Justifies Faster CNB Easing - Holub

MNI China Daily Summary: Thursday, March 13

EZ/UK Bond Supply Calendar: SlovGB Auction Monday

US EIA:NAT GAS STORAGE -62 BCF TO 1,698 BCF MAR 07 WK

MNI: US FEB FINAL DEMAND PPI +0.0%, EX FOOD, ENERGY -0.1%

GERMANY: Union/SPD Migration Alignment After Turmoil Threatened Debt Deal (BILD)

GERMANY: Official Interim Election Results Tilt Towards Missing BSW & FDP

© 1982-2025 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

US TSYS: Early SOFR/Treasury Option Roundup: Puts Pre-PPI

US TSYS
USBulletMarketsFixed Income BulletsNorth America

Mixed overnight SOFR & Treasury option trade leaning towards downside puts ahead the NY open, focus on PPI inflation data after yesterday's higher than expected CPI weighed heavily on rates (10Y yield tapped 4.6576% high). Underlying futures recovering some of yesterday's move (extended highs on Pres Trump's mention of imminent reciprocal tariffs today). Projected rate cuts through mid-2025 slightly firmer vs. late Wednesday lows (*) as follows: Mar'25 steady at -0.5bp, May'25 at -3.9bp (-3.2bp), Jun'25 at -9.8bp (-9.1bp), Jul'25 at -13.6bp (-12.6bp).

  • SOFR Options:
    • 2,400 SFRZ5 96.00/96.12/96.18/96.31 call condors
    • 3,000 0QU5 94.50/95.00 put spd vs. 3QU5 94.37/94.87 put spd spd
    • 2,300 0QH5 95.87/96.00/96.12/96.31 broken call condors ref 95.94
    • 6,000 SFRM5 95.93/96.00 call spds ref 95.765
    • 1,750 SFRK5 95.62/95.75/95.88 put trees
    • 4,000 SFRH5 95.56/95.62/95.68 put flys ref 95.69
    • 5,500 SFRU5 96.00/96.12/96.25/96.37 call condors ref 95.85 to -.855
    • 4,000 2QM5 95.87 calls, ref 95.915
    • 7,250 SFRJ5 95.62/95.68/95.75 put flys ref 95.76
  • Treasury Options:
    • over 7,800 TYJ5 110 calls 16 last ref 108-15
    • 6,000 TYH5 107.75/108.25 put spds vs. 109 calls ref 108-14.5
    • over 7,000 TYH5 107.5 puts, 4 ref 108-13
    • 1,500 wk2 TY 108/108.25 3x2 put spds ref 108-14 (exp Fri)
    • 2,000 TYH5 107.25/108 put spds ref 108-12.5
181 words

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.

Mixed overnight SOFR & Treasury option trade leaning towards downside puts ahead the NY open, focus on PPI inflation data after yesterday's higher than expected CPI weighed heavily on rates (10Y yield tapped 4.6576% high). Underlying futures recovering some of yesterday's move (extended highs on Pres Trump's mention of imminent reciprocal tariffs today). Projected rate cuts through mid-2025 slightly firmer vs. late Wednesday lows (*) as follows: Mar'25 steady at -0.5bp, May'25 at -3.9bp (-3.2bp), Jun'25 at -9.8bp (-9.1bp), Jul'25 at -13.6bp (-12.6bp).

  • SOFR Options:
    • 2,400 SFRZ5 96.00/96.12/96.18/96.31 call condors
    • 3,000 0QU5 94.50/95.00 put spd vs. 3QU5 94.37/94.87 put spd spd
    • 2,300 0QH5 95.87/96.00/96.12/96.31 broken call condors ref 95.94
    • 6,000 SFRM5 95.93/96.00 call spds ref 95.765
    • 1,750 SFRK5 95.62/95.75/95.88 put trees
    • 4,000 SFRH5 95.56/95.62/95.68 put flys ref 95.69
    • 5,500 SFRU5 96.00/96.12/96.25/96.37 call condors ref 95.85 to -.855
    • 4,000 2QM5 95.87 calls, ref 95.915
    • 7,250 SFRJ5 95.62/95.68/95.75 put flys ref 95.76
  • Treasury Options:
    • over 7,800 TYJ5 110 calls 16 last ref 108-15
    • 6,000 TYH5 107.75/108.25 put spds vs. 109 calls ref 108-14.5
    • over 7,000 TYH5 107.5 puts, 4 ref 108-13
    • 1,500 wk2 TY 108/108.25 3x2 put spds ref 108-14 (exp Fri)
    • 2,000 TYH5 107.25/108 put spds ref 108-12.5