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USD Swaps: Steepening back in driver’s seat; Spreads nudg...

The UST steepening hit a new high for 5s30s while equities saw some new highs. Swap spreads lifted wider, and sources see FIG issuance on the wane

USDi: $15bn Jan31 TIPS but a molehill for inflationistas

Today’s $15bn Jan31 TIPS auction was but a little molehill for bullish inflationistas who continued to chase BEs higher this session.

USD Vol: Wedges active; 10y20y bid

The 2x3 2y1y wedge traded in good size today and perhaps reflects growing interest to buy 2x3 CFS vol. 1y1y, 1x2 CFS also dealt. 10y20y sees buying.

GBPi/Swaps: Macro sell-off; Area 51; Brexit & liquidity

Macro factors saw 10y yields rise, while in linkerland traders were distracted by syndication meetings. Swap liquidity is under scrutiny post-Brexit.

EURi: Rally takes a breather; French supply

Euro inflation swaps were off session lows but remained softer across the board into the close following 10y supply from the AFT.

USD Swaps: Bear steepening; 10y TIPS on deck; LDI demand ...

USTs are bear steepening as stocks make new all-time highs. $15bn 10y TIPS hit the auction block ahead. SocGen looks at LDI demand for USTs.

Structured Notes: New deals update

Recent structured note activity in USD.

Basis: EUR on back foot as USD supply takes over

With the ECB meeting stopping traffic and the SURE supply lurking, USD seized the opportunity to corner most of the cross-border market today.

USD Swaps: Steeper after data, ECB; Taper talk; More call...

The UST curve is steeper after the data and the ECB. Banks examine taper risk and timing. Another slug of USD callables prints.

EUR Swaps: Bases tighten on abundant liquidity; EONIA-BOR...

The continued tightening in euro basis was front of mind for one trader today, despite low volatility in the market ahead of the ECB meeting.

EUR New issues: Goldman Sachs 7y, Land NRW 30y

A shorter list of euro deals ahead of the ECB today still includes a GS benchmark and a 30y from Land NRW.

JPY Swaps: Longs better offered despite Trump's departure

Slightly disappointing domestic trade data has promoted slightly better receiving in long-dated JPY swaps, despite a rally in equities.

Asia-Pacific MTNs: AUD Kangas; JPY Uridashis; KRW Zeros

Listing of structured bonds and vanilla bonds issued in the Asia Pacific markets over the past week.

AUD Swaps: Long flow after jobs report; Box wider

Swap flow has eased after the domestic jobs report was in line with expectations. There has been long-end flow. The 3s/10s box spread has edged wider.

USD Swaps: Mammoth FIG issuance fails to make a dent

GS' $5.5bn 3-part and MS' $7.5bn 3-part did not make an impression on swap spreads as spreads continued to foster a decent bid. SOFR/FF slips in.

USDi: BEs continue winning streak; 10y TIPS supply eyed

BEs extended on the reflation rally of 2021 as the presidential baton was passed amid a buoyant risk-tone. Attention shifts to the 10y TIPS auction.

USD Vol: Gamma slips; Vega holds, better bid

Little realized volatility has hit down gamma today. Despite more ZCs, vega is holding in, and is better bid. Deutsche likes 1x2 curve caps.

Structured Notes: New deals update

Recent structured note activity in USD and EUR.

EUR Vol: Onwards and downwards; Intrigue over 2y10y OTM r...

Vols move lower, while some traders are intrigued by ongoing bids for 2y10y OTM receivers.

EURi: 10y OAT€i talk; More interest in swaps than bonds

Speaking ahead of tomorrow’s new 10y OAT€i, inflation traders note more interest in swaps than bonds