Bonds - USD
USD New Issues: FIGs dominate in slower week
The 2nd largest bank deal - BofA's $8.5bn 5-part - boosted a lackluster week of issuance. Lower volumes are expected this week.
Basis: Pause before SURE start; New step in long march
A barrage of USD issues from big EUR funders left as quickly as it arrived as SURE supply in EUR looms. China sold its first 144a in 24 years.
Basis: Cable caught in crossfire as SURE prices out EUR S...
The prospect of unified EU SURE bond issuance in the EUR market saw SSAs scuttle to raise USD funding today.
USD New Issues: Investors pile in; Solid tone
Just shy of $26bn priced in IG new issues last week and strong deal metrics underscored that investor demand is outstripping supply.
USD Swaps: Small moves; LIBOR logjam; SOFR steps
There was something for every kind of bull today as stimulus hopes saw Dow futures rally, while the usual woes support bonds. SOFR USTs are eyed.
Basis: Stable; Swedish mixed messages; SOFR & HONIA
With the big issuance guns having rolled in and out of core markets in Sep, basis swaps were stable. Sweden sent out mixed messages and HONIA arrives.
USD New Issues: Good tone, but volume expectations drop
$18.75bn priced last week, with September and Q3 both breaking records. This week, month and Q4 are all expected to see lower volumes ahead.
Basis: Canny borrowers dodge spikes; SOFR basis update
Basis: Canny borrowers dodge spikes; SOFR basis update
Basis: Turn ‘steady’ despite moves; Two way issuance
Cross-currency basis swappers were unruffled by moves in their market today despite fairly sharp moves in first breaks due to the year-end turn.
USD New Issues: Q3 record falls; More modest supply ahead
Q3 2020 topped $360bn, a new record. September is $8bn shy of a new record. But IG tangled with weaker equities and outlook ahead is more subdued.