A good start to 2021 in new issuance and basis is ebbing, allowing Scandi supply to creep to the fore. RBC looks at three key 5y sectors.
With the ECB meeting stopping traffic and the SURE supply lurking, USD seized the opportunity to corner most of the cross-border market today.
A fun day in the cross-currency basis swaps found traders speculating about CSA flow in 30-50y EUR/USD. New issuance is lively.
The surge in new issue cases rose alarmingly yesterday in EUR. GBP is expected to follow suit next week. IBRD caused a splash in long EUR.
A Japanese FSA announcement spurred Social Bond activity. Listing of structured bonds and vanilla bonds issued in the Asia Pacific markets.
CADES has fronted up to all-comers today, matching KfW’s $5bn 5y issuance for size but blowing it out of the water in terms of duration.
GBP continues to work for issuers and investors and sterling supply is at historical highs. NIB explains why it likes GBP. And NOK is also doing well.
Asked to sum up the start to 2021 one basis swapper said “busy.” SSAs are flying out of the traps and the EIB and KfW have gone head-to-head in GBP.
Gilts are the only mover, rallying into year-end. In basis, traders eye a big year ahead. Brevan finishes 2020 strongly and the FCA grants relief.
LCH has began a consultation on the death of non-dollar LIBORs. Diverging from ISDA, it proposes conventions based on existing OIS market standards.