Standard
A benchmark U.S. dollar interest rate based on overnight Treasury repurchase agreement transactions, widely used to price loans and derivatives.
Citigroup says Treasury could cut or end 20-year bond sales at its Nov. 4 refunding, after doubling its buyback to $4 billion. The call rests on one bank's reading of a dealer survey, and the short-dated debt that would absorb the cut is already over 22% of borrowing.
Reality
Riot Platforms has until December 31 to refinance or repay a loan facility of up to $573 million for its 191-megawatt AI data-center project. The debt has no recourse to the parent, so a missed takeout would fall on the Rockdale project's assets while Riot's cash and bitcoin stay largely outside the lenders' claim.
Reality
Dynex Capital's new Series D preferred pays a fixed 9.375%, less than its floating Series C already pays, a Seeking Alpha analysis says. With the 10-year Treasury above 5%, a buyer of the fixed share carries the rate risk that the older share hands back to Dynex.
Reality
Blackstone and Hudson Pacific got 14 more months at 4.435% on the $1.1 billion Hollywood loan behind September's jump in office CMBS delinquency to 12.2%. Bondholders keep a below-market coupon while Netflix and 20th Century Fox decide on leases covering 30% of the space.
Reality
SEC Commissioner Mark Uyeda said the agency did not intend to extend its Dec. 31 Treasury clearing deadline or the June 30, 2027 date for repos. Stablecoin issuers that sell or repo Treasuries to fund redemptions will pay for the change through their dealers.
Reality
Speculators built a record $51.4 billion net dollar long by late July, weeks before G5 currency option volatility sank to a post-COVID low of 5.33. Currency protection got cheaper even as year-end rate bets climbed from 3.05% to above 4%.
Reality
Binance bought $100 million of Circle stock and signed to promote USDC through September 2031. Customer USDC balances on the exchange are up fivefold at $7.13 billion; the USDT balance is up $10.9 billion.
Perspective Coverage
14 publishersReality
Mark Cabana's team has clients short SOFR and Fed Funds futures on a view that the federal funds target climbs toward 5.5%. Current swap pricing stops 75 basis points short of that.
Reality
Mott Capital's Michael Kramer argues that deteriorating breadth in stocks and high-yield bonds, falling SOFR volumes and money fund outflows will meet another $317 billion of net Treasury issuance in October and November.
Reality
HYBOND's second network puts non-investment-grade corporate credit on chain for qualified institutions, with BNY Investments still managing the portfolio and RedStone publishing the fund administrator's NAV to smart contracts.
Reality
SoftBank's $450m top-up lifts a bank facility to $6.5bn and buys another year in which it can draw, at 210 basis points over SOFR. More than 20 lenders share it, and it is the smallest number the group signed this week.
Reality
Sixty-eight basis points over SOFR is a price set by about twenty banks that have read the leverage tests, in a regional loan market sitting at a 16-year low, and it is the only number the company's accounts will ever produce.
Reality