Bonds - USD
USD Swaps: USTs softer; SOFR fix falls; Recession fans
USTs are softer and white SOFRs up small after the rate fell again at the latest fix. Banks disagree over the risk of recession and rate cuts.
USD New Issues: Yankee FIGs; $20bn expected
$14.5bn priced last week in IG, lower than expected. Yankee FIGs are piling in to start off the week, with surveys anticipating around $20bn.
USD Swaps: USTs struggle pre-data; Pause paused?
UST yields pushed higher overnight and then did little in London trading with headlines focusing mostly on Saudi-led oil price rises and ahead of data
USD Swaps: Stasis as market awaits NFP’s casting vote
The USD fixed income market was in near-stasis this morning as it awaits an NFP outcome that some see as the casting vote for the June FOMC meeting.
USD Swaps: Flatter after mixed data; Pause then hike more?
The UST curve is bull-flattening after mixed ADP and labor cost data, Ahead, some banks expect only a brief Fed pause this month, at most.
USD New Issues: Looking like a strong finish to May
With two days left in the month, today's busy slate portends a strong finish to May. Last week saw a slightly lower than forecast result of $14.45bn.
USD Swaps: Steeper, tighter as deal talk grows; 2y spread...
USTs are bull-steepening and spreads are tighter ahead of the data as hopes rise for a debt deal. Ahead, banks look at 2y spreads and the ceiling.
USD Swaps: Flatter; AI stock jump; Fed views
SOFRs are weaker and the UST curve is a touch flatter as risk assets benefit from Nvidia's AI-driven gains. Meanwhile banks prep for debt limit chaos.
USD Swaps: Flatter before minutes, Fedspeak; Stay risk av...
The curve is flatter, echoing the price action in Bunds and gilts ahead of Fedspeak and the minutes. Elsewhere, banks remain risk averse.
USD Swaps: Flatter and wider; Ceiling; Brevan long increa...
Treasuries are bear-flattening again with spreads wider led by the belly. Brevan moved longer last month.