Bonds - USD
USD New Issues: Record flows; More to come, but slowing
$109bn priced in IG new issuance last week, a record for a week, sending March to a whopping $210bn. Sources see more flows ahead but slowing.
USD New Issue Pipeline: Volumes surge on higher concessio...
$62.7bn priced in IG new issuance over 3 days last week. Issuers conceded much higher concessions amid liquidity and funding needs.
USD Swaps: Funding fears; More Fed action needed
The Fed has announced a new money market facility and upped its UST from today but market conditions suggest more is needed.
USD Swaps: Wartime borrowing? Fed's PDCF good but may not...
Upside risk to the mooted $1trn fiscal package suggests that borrowing will approach wartime levels. Banks welcome the Fed's PDCF but...
USD New Issue Pipeline: Equity plunge; Instability reigns...
The turbulent markets and much wider credit spreads effectively lambasted the IG new issue markets, and this week looks to be more of the same.
Basis Swaps: Taurus is starting to lose its rag
Basis swaps market are the Taurus of the capital markets world. Stable, low-drama, boringly hard to rouse, but when roused. Beware.
Basis: 6y stands out as bounce yet to revive issuance
‘Partial normalization’ is probably the uninspiring phrase of the day today as equities bounced, bonds sold off and the EUR/USD first break tightened.
USD New Issue Pipeline: Egregious conditions slam window
With the market in collapse and US equities trading halted with the 7% plunge to start, the window has firmly slammed on IG issuance.
USD Swaps: FRA-OIS pops; Contagious swan driving runaway ...
Repo pressures and FRA-OIS are adding to the market's headaches as S&P futures tumble on the latest viral headlines.
USD Swaps: G7 commits; Zero back in focus
The G7 echoed recent central bank statements but stock futures were mixed. Banks discuss whether rates will hit the zero bound.