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This marketing document has been issued by Bank Syz Ltd. It is not intended for distribution to, publication, provision or use by individuals or legal entities that are citizens of or reside in a state, country or jurisdiction in which applicable laws and regulations prohibit its distribution, publication, provision or use. It is not directed to any person or entity to whom it would be illegal to send such marketing material. This document is intended for informational purposes only and should not be construed as an offer, solicitation or recommendation for the subscription, purchase, sale or safekeeping of any security or financial instrument or for the engagement in any other transaction, as the provision of any investment advice or service, or as a contractual document. Nothing in this document constitutes an investment, legal, tax or accounting advice or a representation that any investment or strategy is suitable or appropriate for an investor's particular and individual circumstances, nor does it constitute a personalized investment advice for any investor. This document reflects the information, opinions and comments of Bank Syz Ltd. as of the date of its publication, which are subject to change without notice. The opinions and comments of the authors in this document reflect their current views and may not coincide with those of other Syz Group entities or third parties, which may have reached different conclusions. The market valuations, terms and calculations contained herein are estimates only. The information provided comes from sources deemed reliable, but Bank Syz Ltd. does not guarantee its completeness, accuracy, reliability and actuality. Past performance gives no indication of nor guarantees current or future results. Bank Syz Ltd. accepts no liability for any loss arising from the use of this document.
Source: The Icahnist
The US 10-year Treasury yield spiked +13 basis points on Friday to 4.38%, the 2nd-largest single-day jump since the April 2025 Liberation Day sell-off. Since early March, the 10-year yield has surged +45 basis points, the fastest rise in nearly a year. The bond market sell-off is being driven by soaring oil prices fueling inflation fears, hawkish signals from the Fed and Bank of England, and hedge funds being forced to unwind leveraged bond trades at a loss. If yields rise another 20 to 30 basis points from here, it could trigger a liquidation cascade across all asset classes as institutional trading desks would have no choice but to slash risk exposure, similarly to April 2025. Source: Global Markets Investor
Iran's oil exports spiked to ~4.5 million barrels on March 17, more than DOUBLE the 2025 average of ~2.2 million barrels per day. The surge came after exports nearly collapsed to zero on March 14 and 16, following US and Israeli military strikes near the Kharg Island export terminal. Iran is reportedly rushing to load as many tankers as possible when conditions allow, funnelling the revenue to fund military operations and keep the economy running. Iranian tankers continue to pass through the Strait of Hormuz, unlike many other vessels that remain blocked, particularly those from US-allied nations. Iran is exporting oil in bursts whenever it can. Source: Global Markets, Goldman Sachs
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