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Reminder, May serial ops expire......>

US TSY OPTIONS
US TSY OPTIONS: Reminder, May serial ops expire Friday. Large amount of TYM and
FVM coming off the sheets, potential pin risk: TYK 123 strike w/238,399 options
(125,059c, 113,340p). Options 0.5 tic ITM (0.25 tic for 5-, 2-yr opt's)
auto-exercised. According to CME Group data:
*             Calls     Puts      Total   Nearest-the-Money Strike Totals
* May 30yr   187,281  246,439    433,720  146.00 w/ 20,161 (6,639c, 13,522P)
*                                         146.50 w/ 10,782 (4,922c, 5,860P)
*                                         147.00 w/ 22,405 (8,588c, 13,817P)
* May 10yr 1,317,864  807,123  2,124,987  122.75 w/ 35,651 (5,637c, 30,014p)
*                                         123.00 w/ 238,399 (125,059c, 113,340p)
*                                         123.25 w/ 67,491 (31,418c, 36,073P)
* May 5yr    417,586  685,487  1,103,073  115.00 w/ 86,877 (29,215c, 57,662p)
*                                         115.25 w/ 53,564 (23,796c, 29,768p)
*                                         115.50 w/ 64,967 (42,861c, 22,106p)
* May 2yr     49,167   57,296    106,453  106.25 w/ 19,330 (2,964c, 16,366p)
*                                         106.38 w/ 14,340 (10,418c, 3,922p)

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