Bonds - USD
$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.
$62.7bn priced in IG new issuance over 3 days last week. Issuers conceded much higher concessions amid liquidity and funding needs.
The Fed has announced a new money market facility and upped its UST from today but market conditions suggest more is needed.
Upside risk to the mooted $1trn fiscal package suggests that borrowing will approach wartime levels. Banks welcome the Fed's PDCF but...
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 market are the Taurus of the capital markets world. Stable, low-drama, boringly hard to rouse, but when roused. Beware.
‘Partial normalization’ is probably the uninspiring phrase of the day today as equities bounced, bonds sold off and the EUR/USD first break tightened.
With the market in collapse and US equities trading halted with the 7% plunge to start, the window has firmly slammed on IG issuance.
Repo pressures and FRA-OIS are adding to the market's headaches as S&P futures tumble on the latest viral headlines.
The G7 echoed recent central bank statements but stock futures were mixed. Banks discuss whether rates will hit the zero bound.