Issues in non-USD are not sufficient to absorb the strong bids from asset swappers with USDs to burn. Elsewhere traders eye SONIA-SOFR flows.
As traders in Europe struggle with spluttering feeds USTs are bull-flattening despite an OK performance by risky assets.
Syndications arrive from Italy, Portgual and Romania.
The collapse in 9m bases was not followed by a bounce, suggesting repricing rather than just a cautious sell. HSBC is returning to UK covered bonds.
LIBOR transition sprang on various basis curves today, sending 9m tenors tumbling. Elsewhere traders eye narrowing and JPM looks at SLR and basis.
The UK's Canary Wharf and Heathrow Funding are among the issuers pricing in euros today.
A handful of issuers are looking to price in the near future
While new issues continue to rain down upon the EUR market like so much manna from haven, basis flows are catching a breath.
EUR supply is at record levels but the basis market seems to be coming off highs after a hyper-active patch. KfW comments on rebounding CNH issuance.
A strew of new issuance hit the screens today, but for the most part these were vanilla issues from borrowers quick to exploit higher rates.