Late SOFR/Treasury Option Roundup

Aside from a steady increase in volumes of SOFR futures and options ahead of the coming conversion of Eurodollar futures and options on April 14, 2023 - the sophistication of SOFR option flows has risen to the point where Eurodollar options used to excel. Salient put positioning to hedge continued rate hikes into late 2023:

• SOFR Options:
  • Block, 20,000 SFRU3 94.12/95.12 put spds, 36.5 ref 94.88
  • 7,100 SFRN3 94.81/94.93/95.06 put flys, ref 94.875
  • Block, 10,000 SFRU 93.75/94.00 put spds, 1.5 vs. 94.89/0.05%
  • +10,000 OQM3 95.75/96.12 put spds vs. 2QM3 96.50/96.87 put spds, 1.0 net db flattener
  • -10,000 OQM3 95.50 puts, 13.5
  • Block, 10,000 SFRZ3 94.87 puts, 26.0 ref 95.16
  • Block, 5,000 SFRZ3 95.50/97.50 call spds, 22.5 ref 95.165
  • Block, 5,000 SFRZ3 95.00 puts, 28.5 vs. 95.19/0.40%
  • Block, 10,000 SFRN3 94.37/95.37
  • over 5,800 OQH3 96.37 puts ref 96.74
  • 4,000 3QH3 97.00/97.25 1x2 call spds ref 96.915
  • 2,000 OQH3 96.18/96.31/96.43 call trees
  • Block, 2,500 SFRU3 94.37/94.62/94.75/94.87 broken put condors, 0.0 ref 94.89
  • Block, total 16,000 OQM3 96.75/97.25 put spds, 8.0 vs.96.11/0.13%
  • Block, 2,500 SFRM3 94.62/94.75/94.87 put trees, 12.5 vs. 94.86/0.05%
• Treasury Options:
  • 4,000 TYK3 116.5/117.5 call spds ref 113-10.5
  • 3,000 TYK3 112/113 put spds, 17 ref 113-10
  • 12,600 TYH3 112.5/114.5 call spds, 47 ref 112-26.5
  • 10,000 TYH 110.5/112.5 3x2 put spds vs. x2 TYH 114 calls, 26 net, put spd over ref
  • 13,500 TYH3 110.5/111.5/113.5 2x3x1 put flys, 34 net ref 113-00.5
  • over 9,300 USH 126 puts. 32 ref 127-30
  • over 9,000 wk3 TY 111.25 puts, 5 ref 112-31.5
  • Block, 9,000 wk3 TY 111 puts, 4 ref 112-29.5/0.08%
  • +4,000 USH3 131/133/135 call flys, 7 ref 127-17
  • 5,000 FVH3 107.5/108 put spds, 13 ref 107-31.25
  • Block, +15,000 wk3 TY 111 puts, 4 ref 112-28 (expire next Fri)
  • over 4,500 TYH3 113 puts, 42 ref 112-31.5
  • 3,000 TYH3 113.5 calls, 26 ref 113-02
  • -7,000 FVJ3 111.5/113.5 call spds 2 ref 107-27
  • 4,000 FVJ3 109.5/110.5 call spds, ref 108-19.25