Latest News

Structured Notes: New deals update

Recent structured note activity in USD.

USD Vol: More ULC pressure; Vega queries

The ULC has been hit down, with 1y1y and 2y1y trading. Gamma on longer tails are holding up better. Sources, banks discuss vega price action, supply.

USD Swaps: Back to flatter; Fed talk reiterates

Amid a batch of mixed data, and consistent Fed speak, USTs have ebbed back to flattener mode. Citigroup examines 1y1y-5y5y and sees room to steepen.

GBP Swaps: 10s/30s steeper as likely linker move turns 30...

As another fun week of fixed income trading ends, traders eye big moves in 5y ASWs and 30y gilts. BofA assesses the worrying kindness of strangers.

EUR MTNs: KfW and bank callables; Rare inflation

Another light week for structured MTN issuance did include a handful of callables and a rare inflation-linked deal.

EUR Swaps: Seasonal trading opportunities eyed

Long-end steepening and ASW tightening were in force today as some traders eye seasonal trading opportunities.

USD Swaps: USTs up before data; Soft landing?

What one trader in this morning called 'a possibly pivotal week,' enters its final act today with evidence sought to support the CPI surprise.

JPY Swaps: 5-10y bid; JGB future briefly higher

JPY rates market was generally weaker though the lead bond future rose briefly in the morning. In swaps the 5- to 10-year zone saw paying interest.

AUD Swaps: Early 5y offers; EFPs wider; Green bonds

AUD swaps have been bid although there were earlier 5y offers. EFPs are wider. University of Melbourne has launched a green bond offer.

USDi: BEs bump up wider, led by the belly

BEs ended a touch higher, led by the 5y. Sources saw the moves back by some afternoon buying. JPM examines ZC swap flows. Barclays parses PPI.

USD Swaps: PPI adds to relief; Bear steepening; 30y tails

The curve steepening saw another strong move today, after the softer PPI, but sources still see a rocky road ahead. 30y tailed, adding pressure.

Structured Notes: New deals update

Recent structured note activity in USD and EUR.

USD Vol: Vols pressured; Right side vs left eyed

Vols are softer still, with gamma leading. Some view the right side as cheap versus the left, and at odds vs. today's bear steepening. Riskies deal.

EUR Vol: Lower across the grid

Implieds were offered across the grid today despite a decent bout of realised in the afternoon session as rates sold off

GBP Swaps: Politics starts to seep into market moves

After a stable start to gilt activity today a move towards wondering what Truss-world might look like saw gilts sell-off and B/Es rally.

EURi: EUR 1y back above 7% on energy, Germany

Euro inflation flattened again as the front end surged on the back of energy and uncertainty about Germany's plans to protect households.

EUR Swaps: Fade the front-end? ASWs eyed

Some traders report interest to fade the front-end as gas futures gain and euro inflation trades above 10%.

Basis: Curve shifts and front end dominate; Turn talk

Sources discuss curve shifts and decent flow in the long-end.

USD Swaps: More steepening; Margin and liquidity

Bull-steepening has extended with UST yields at the front end lower ahead of the data and the 30y auction. Banks look at margin and liquidity.

CNY Swaps: 1s/5s and 1s/10s steeper despite offers

The 5- to 10-year area of the CNY NDIRS curve saw receiving, but 1s/5s and 1s/10s are steeper amid price action at the front-end.