Price action in cross currency basis today has seen the cable curve head lower, while EUR/USD is pretty flat despite EUR supply.
ISDA has confirmed that it will use a median estimate and a 5y lookback for LIBOR derivative fallbacks.
EUR issuers looking to swap to other currencies have shifted their gaze from the 12y sector, re-focusing on the belly.
A busy day of new issuance after the slight lull for holidays yesterday saw the cross-currency basis swap market active again.
A day of hefty, but less-frantic-than-earlier-in-the-week, EUR issuance activity saw Apple in the spotlight with a sizeable issue.
The busiest day for EUR issuance since September saw the EUR/USD basis swaps curve find itself under downwards pressure in the morning.
A range of issuers lining up euro deals this week included SEB, DZ, RBS and Colgate-Palmolive.
Listing of non-government issued bonds from the Asia Pacific markets over the past week.
Traders reported good 10y and 30y EUR/USD flow this morning, while elsewhere they were sceptical about Eurex's clearing breakthrough.
Expected to price today are BPCE and Daimler. China has mandated banks for a EUR multi-tranche bond deal.