EURIBOR OPTIONS: Latest options
May-31 08:11
- ERU3 96.00/95.75/95.50p fly, bought for 2.75 in 6.5k.
- ERN3 96.25/96.375/96.50 c fly with ERQ3 96.25/96.375/96.50 c fly, bought the strip for 3.75 in 4.25k.
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US: JPM Sees Modest Gains On First Republic Takeover, Media Call Later Today
May-01 08:05
JPMorgan's press release on the takeover of First Republic Bank is at this link - main headlines in addition to the details released earlier by the FDIC is that JPM sees the deal to be "modestly" accretive to EPS, and that JPM will:
- "Recognize an upfront, one-time, post-tax gain of approximately $2.6 billion, which does not reflect the approximately $2.0 billion dollars of post-tax restructuring costs anticipated over the next 18 months"
- "Remain very well-capitalized with a CET1 ratio consistent with its 1Q 24 target of 13.5% and maintain healthy liquidity buffers"
- There will be an investor presentation released at approximately 0700ET with a media call at 0800ET/investor call at 0830ET.
- Very muted market reaction to the FDIC announcement as well as the JPM release.
RBA: MNI RBA Preview - May 2023: RBA On Hold, But Close Call
May-01 07:47
- The May meeting decision is likely to be very close but given that inflation has peaked and that April was the first pause, rates are likely to be left unchanged at 3.6% on May 2. Governor Lowe will speak in the evening following the meeting.
- The meeting statement will also include some indication of the updated forecasts, which will be published in full in the Statement on Monetary Policy on May 5. Forecasts are unlikely to be revised significantly from February. The guidance is also unlikely to change substantially.
- See full preview here.
US TSYS: Dip To Session Lows On First Republic - JPM Headlines
May-01 07:37
Treasury futures drop to session lows on the First Republic / JPM takeover headlines to 115-01+
- Though with a rescue deal of some variety largely priced it's not a big move (3 ticks) and volumes remain on the light side (a little over 95k traded so far) with Europe on holiday.
