EssilorLuxottica is pricing a €4bn three-part tranche. French insurer CNP targets 30y with a new green bond.
JPY rates market is firmer following a rally in US treasuries and amid disappointing domestic trade data.
The JGB curve is bull flattening. Recent cheapening in 20y JGBs is likely to boost auction demand today. Japan plans to grow its Green Bond market.
There has been trade in 1-month AUD forward swaps and the 3s/10s box spread has widened. The RBA saw a case to cut rates at its meeting this month.
Narrowing pressures in the front end of the spread curve gathered further momentum into the afternoon, with the 2y spread down 1.75bps.
BEs compressed modestly against an largely inflation-unfriendly backdrop. Attention now turns to the more pertinent events for the asset class.
Amid the underlying flattening, the left side again outperformed while the right side and longer expiries followed higher, albeit modestly.
Recent structured note activity in USD.
As the situation of non-fixing ICE Swap Rate fixings has persisted, IBA published feedback today that overwhelming calls to expand the data set.
GEMMs said that the IL41 went well (for the Street) today, selling at a six-month high in real yields and rallying afterwards.
Some dealers are wary about the OATei-47 tap and capacity to absorb the supply.
USTs are bull-flattening as trade skeptics lurk while equities ride high. Front end spreads continue narrowing on little volume.
Zero-coupon callables shifted back to non-Formosa supply this past week, as the majority of new notes were non-Formosa. CMS-linked notes were active.
Swap spreads are mixed after Monday's tightening. As FRA/OIS continues to tighten, strategists at JPM look at potential drivers for the move.
EONIA/BOR is down again as some find the curve too steep. Improved swap liquidity is strengthening the negative correlation of ASWs, argue some.
Price action in cross currency basis today has seen the cable curve head lower, while EUR/USD is pretty flat despite EUR supply.
Land NRW is hitting the long-end with the sale of 10y and 20y bonds
JPY clearing basis continues to correct after being positive earlier this month. A 10s/20s/30s butterfly trade idea has been put forward.
There have been trades in AUD swap curve spreads ahead of the RBA minutes. The 5y AUD-USD swap spread trade is in focus. Qantas launched a 10y bond.
Swap spreads narrowed, led by the front end as supply related flows and tighter FRA/OIS helped to pressure spreads. Barclays looks at the ISDA consult