US Dollar (USD)
USD MTNs: ZCs slowdown; Near $14bn YTD
USD MTN activity saw a slowdown in zero-coupon callables as only $411m in total sold, with the majority in 30y maturity and non-Formosa.
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.
USDi: Fed operations destabilize TIPS
It has been tortuous session for TIPS breakevens as the Fed buybacks have teetered the markets back into profound uncertainty.
USD Vol: Gamma dips; Differentiation for discounting meth...
Implieds are mostly lower. Long expiry high strikes trade. 6m expiries out begin to see discounting specified - EFFR or SOFR.
USD Swaps: Spreads wider still; Paying dominates
Swap spreads have lifted as abundant paying boosting the 10y spread to +1bps intraday. JPM and others view CPFF start will signal LIBOR's trend lower
USD New Issues: Record flows; More to come, but slowing
$109bn priced in IG new issuance last week, a record for a week, sending March to a whopping $210bn. Sources see more flows ahead but slowing.
USD Swaps: Mild risk-off start; Fade BOR-OIS pricing?
The 10y sector outperformed during a mildly risk-off start to the week. Deutsche and Citi both eye FRA-OIS.
USDi: BEs spiral lower again post TIPS buyback
BEs spiraled sharply lower immediately after the Fed’s underwhelming TIPS buyback for the second straight session, ending an impressive run this week.
USD Swaps: More bull flattening; Rate locks eyed; Fed’s b...
USTs are bull flattening further as equities sink. Swap spreads are wider with rate lock paying cited ahead of more IG issuance.
USD Swaps: LIBOR soars again; Ops talk
The standout move amid another bullish session for fixed income was once again the unstoppable rise of 3m LIBOR. Or is it?