Basic Swaps

Basis: XVA dominates as 10s/30s curves steepen

While bond yields rally as if the end of the world were nigh, the cross-market volatility means one thing in basis. XVA-driven steepening in 10s30s.

EUR New issues: AFD, ING, and EU; NGEU stats

AFD, ING Belgium and an EU private placement are all on the slate today. Elsewhere, data for NGEU's deal shows banks took down about 1/4 in total.