Basic Swaps

USD Swaps: Bases tighter; Brevan up further; Issuance gush

Bases are tighter led by cross currency as the Fed announces a new central bank repo facility. New issues gush. Brevan is up again.

Basis Swaps: First break enjoying the peaks while it can

It might not be the most important stat related to the virus's world tour. But the 3m EUR/USD basis is at an all-time high. Not for long, say traders.