Bonds - USD
USD Swaps: Hawks grow; Spreads wider; Fed reactions
The BOE and the Norges Bank added their cries to the hawks' chorus today. Banks give their reaction to the FOMC. Swap spreads are widerning
USD New Issues: China’s ill winds chills IG new issuance
Issuers are on the sidelines with the strong risk off move coming off the back of China's Evergrande's debt problems. $38.6bn priced last week.
Basis Swaps: L-Bank points to golden Autumn for cable
Another mellow Autumn day was full of fruitfulness once again for GBP, with a SONIA-linked RBC deal and a larger-than-expected deal from L-Bank.
Basis: GBP deals grow thanks to grabbers and swappers
As recently as August, long-suffering basis swappers were pooh-poohing the idea of big GBP issuance onslaught this Autumn. Now they are less sure.
USD New Issues: Gangbuster IG issuance
Last week saw the primary IG market go absolutely gangbusters after the late-summer lull waned.
Basis: Busy week starts to fade but GBP is finding a glow
A slightly busy Thursday followed a very busy previous two days. The 7y EUR/USD basis stood out, as did post-Brexit cable.
USD New Issues: IG’s ferocious come back
IG issuance has snapped back with a ferocious vengeance after the late summer lull with $40-45bn already expected this week.
Basis: Asset managers battle issuance drag; 25y flow
A first proper wave of new season supply, led by EUR and a highly-active GBP, left some surprised by the inability of supply to weigh on basis.
USD Swaps: Fed tapering and liquidity premia
USTs are lower with Bunds while risk assets are mixed after the break. Banks look at liquidity premia after the Fed tapers.
Novel IFC deal lights the way for other issuers to use SOFR
The IFC's $2bn 5y global this week opens the way to other borrowers to start pricing off SOFR curve. Sources at the SSA discuss the deal.