Top Axes:
Trading Recap:
Treasury yields were wider to start the week yet US equity indexes ended the day positive. PPI data this morning and CPI data on Wednesday will give markets a fresh update to key inflation numbers. PCG 4 ¼ 12/01/27 led the TRACE tape by total trades and notional volume; bonds expanded ~3/8 pt $ ntrl from mids as higher realized vol was in full effect following the CA Palisades fires. ABNB 0 03/15/26 were actively trading 94.0625-94.1875 as the stock was upgraded by Morgan Stanley to $125.00/ share. REAL 1 03/01/28 traded lower, 74.00-74.25 (~11% YTM).
We were axed to buy CDP 5 1/4 09/15/28 yesterday v 29.65 bidding the equivalent of 113.00. yesterday, bonds traded down .25 $ ntrl from prior prints in late December. CDP straight debt is relatively illiquid. Bonds traded yesterday ntrl v 29.65 113.25, 55delta. CDP realized vol is low 20s. Using 20/21/22 vol inputs the implied credit at the trading price is 151/188/225 implied spread. Within the last 10 trading days in straight debt only longer CDP 2.9 12/01/33 traded for 80.35 a 144 z-spread.
Pre-Market Convert Stock Movers:
Recent Notes – By Date
Desk Contacts:
Dave Sposito (Head of Desk) – 212-692-5172 – [email protected]
Zach Johannes (Trading) – 973-222-6189 - [email protected]
Denise Dalonzo (Sales) – 917-699-1630 - [email protected]
Walter McNulty (Sales) – 203-219-5837 – [email protected]
Chris Frascella (Sales) – 203-912-7535 – [email protected]
Rob Weaver (Strategist) – 203-399-7023 – [email protected]
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StoneX Financial Inc. (“SFI”) is a member of FINRA/NFA/SIPC and is registered with the MSRB. SFI is registered with the U.S. Securities and Exchange Commission (“SEC”) as a Broker-Dealer and with the CFTC as a Futures Commission Merchant and Commodity Trading Adviser.
This commentary is not research or a recommendation and does not take into account whether any product or transaction is suitable for any particular client. SFI does not produce debt research and therefore this communication is not subject to all of the independence and disclosure standards and other requirements applicable to research reports under FINRA’s research rules. This document is only intended for institutional investors, as defined by FINRA Rule 4512(c), and is not subject to all of the independence and disclosure standards applicable to research reports prepared for retail investors. Clients should assume that this document is not independent of SFI’s proprietary interests. SFI trades, and will continue to trade, the securities covered in this document for its own account and on a discretionary basis on behalf of certain clients. Such trading interests may be contrary to or entered into in advance of this document.
No part of this material may be copied, photocopied or duplicated in any form by any means or redistributed without the prior written consent of StoneX Group Inc. The views are current only through the date stated and are subject to change at any time based upon market or other conditions, and StoneX Group Inc. disclaims any responsibility to update such views. This material represents an assessment of the market and economic environment at a specific point in time and is not intended to be a forecast of future events, or a guarantee of future results. Forward-looking statements are subject to certain risks and uncertainties. Actual results, performance, or achievements may differ materially from those expressed or implied. Information is based on data gathered from what we believe are reliable sources. Past performance does not guarantee future results.
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