Bonds - EUR

EUR MTNs: Another inflation-linked repack; Callables

Recent structured deals include another big inflation-linked repack, a century tap and a choice selection of callables.

EUR Swaps: Edging higher; 30s/50s as a hedge? BNPP, NatWe...

Bunds are edging up with volumes supported by month end. Banks suggest hedges for a second Covid wave. BNPP and NatWest report FIC, VaR and hedges.

Basis: Hungry for gamma in pancake-flat market

In a year of statistical firsts a flatter basis swaps curve will not earn a ‘Bong’ moment on the ITV news, but gamma flow is weighing heavily upon it.

EUR Swaps: Bunds outperform on issuance desert and dovish...

A lack of new Euro issuance and the Fed keeping rates and the pace of asset purchases unchanged has flattened the Euro curve in risk-off trading.

EUR New issue pipeline: German States save the day

Two German States and the EIB have combined to ensure today is not a total washout in the EUR new issues market.

EUR New issues: State Grid; Rhineland-Palatinate

A very short list of new euro issues today includes deals from State Grid (China) and Rhineland-Palatinate.

EUR Swaps: EONIA/BOR and ASWs tighter after ERF deal

EONIA/BOR and ASWs are tighter in the aftermath of the EU recovery fund deal.

EUR New Issue Pipeline: KfW €3bn 8y green; Lithuania 30y ...

KfW is expected to issue €3bn 8y green bonds while Lithuania is selling 30y via syndication.

EUR MTNs: Century taps; Rare sterling callable

MTN issuance over the last 1-2 weeks has included a couple of century taps and a rare sterling callable.

EUR Swaps: It will all work out; Caution on forward steep...

Traders shrug off protracted EU Recovery Fund negotiations. Strategists warn about forward steepeners.