Bonds - USD
USD New Issue Pipeline: Carrier M&A deal; $28bn expected
Just over $31bn priced in the IG new issues market, headlined by Carrier’s jumbo M&A deal. Roughly $28bn is expected this week.
USD Swaps: USTs better bid; Big deals include record Form...
The UST market is struggling to sell-off on yet another Friday that doesn’t seem to lend itself to a ‘risk-on’ move ahead of the weekend.
USD Swaps: Supply, viral fatigue weigh; FRA-OIS; Formosas
Supply and viral fatigue weighed on haven assets. FRA-OIS spreads stabilized after recent tightening. Heavy Formosa issuance continued.
USD New Issue Pipeline: Supportive; $25bn+ expected
Just over $22bn priced in IG new issues last week (ex-SSA). The markets remain supportive for supply. Today's calendar is off to a solid start.
EUR New issues: Wells Fargo; Roadshows coming
New deals include issues from Wells Fargo, SBB and Intermediate Capital. Ahead, a sprinkling of roadshows are on the calendar including Dow Chemical.
USD Swaps: 20y to start small; BNPP FICC up
A new 20y UST will arrive in May as supported by dealers at the TBAC. Viral fatigue, strong ADP data and vaccine hopes have pushed the 10y to 1.65%
USD Swaps: Unwind extends; Short 10y view
The unwind in haven assets has extended with most of the Treasury curve higher as risk assets bounce. Ahead, some banks see 10y yields rising further.
USD New Issue Pipeline: Virus slows supply; February outl...
$11.65bn priced in IG new issues (ex-SSA) last week amid delicate conditions. January ended with $140bn and surveys expect just under $100bn for Feb.
USD New Issue Pipeline: Supply hampered by risk-off
Just under $26bn priced in IG last week, bringing the MTD total to over $128bn, topping expectations. However, virus fears have put supply on hold.
USD Swaps: Corona unsettles; New TIPS; 20y view
The expansion of the corona virus continues to support haven assets. Treasury prepares to sell a new 10y TIPS. Banks look at plans for a 20y.