covered the rates short over lunch ahead of a super week, rates positioning is now neutral. risk sentiment a bit tricky here as SPX is marking the potential double top pattern… I still don’t think the pattern will hold.

In credit space, HYUELE 29 looks incredibly cheap. the only real risk would be the size of the rollover issuance, with HYUELE 26 scheduled to be redeemed in Jan. I think that risk is manageable. even if the deal size is large, it’s likely to be multi-tranche, so the 3yr allocation shouldn’t be significant. any price above CT5+60, I’d look to add.