Latest News

USDi: Early BE strength summarily rejected

Early session strength in inflation was summarily rejected as better sellers pounced on the markets, leaving BEs mixed but little changed.

USD Swaps: USTs steeper as more duration looms; LIBOR tra...

USTs are steeper on news that 20y supply is in the wings earlier than expected. BofA sees a postponement in LIBOR transmission.

EUR MTNs: Callables; CMS; Another century

A flurry of callables led the list of EUR structures over the last week along with a lone CMS, another century bond and a rare sterling repack.

EUR Vol: Front flatlines as the rest crumbles

‘Flatline' sums up; activity in the top left corner of the voliverse this week, while elsewhere an outbreak of peace has weighed on the maxtrix.

GBP Swaps: Market flies on two wings; Long paying

Traders said that sterling market activity today, and for previous sessions, has been very much a tale of two wings.

EUR Swaps: Prepping for the ECB

Very weak UK sales data supported European fixed income today. Ahead, banks look to the ECB meeting for front end direction.

USD Swaps: 20y looks a winner; 5s/30s steepening plan

The big news in USTs is that the Fed is to take a step back to the future by selling 20y USTs for the first time since 1986. Traders are positive.

EUR New issues: Lighter but US FIGs watched

After a record-breaking start to 2020 the pace of euro new issue announcements has slowed, while sterling and scandi deals have stepped up.

JPY Swaps: 10y given after earlier bid; 10y JGB yield bel...

10-year JGB yield fell to below zero again, following satisfactory 20y sale. 10-year swaps turned better offered after earlier bid.

AUD Swaps: 10y EFP widening fades; RBA eyed

Traders have been cautious about trading short-dated AUD swaps ahead of the RBA interest rate decision. 10-year EFP has ceased from widening further.

Asia-Pacific MTNs: LBBW stepped notes; Dim sum

LBBW has made a comeback to the AUD-denominated stepped note market. CBA and Bank of Communications have both issued Dim sum bonds.

USD Swaps: Targeting back near highs in spreads; Curve ru...

Swaps drifted in lower today, but sources see room for further gains ahead, with the Fed wining the repo war. Sources discuss curve views. SOFR talk.

USDi: BE bounce fizzles intraday; Jan30 TIPS announced

Early BE strength fizzled intraday, leaving them just a smidgen higher. Treasury announces Jan30s TIPS. Barclays closes some inflation trades.

USD Vol: Surface dips further; ISDA fix blackout

Gamma is lower with the right side leading. 5y10y and 10y10y trade lower, but screens are marking off those lows. ISDA fixes are still an issue.

GBP Swaps: Storm SONIA; 2071 to weaken? B/E talk

SONIA-mania, rate-cut fever and the impact of the delay in the RPI consultation timetable combined to produce a lively day for GBP fixed income.

USD Swaps: Risk on persists; USTs pressured; 30y spread v...

Risk-on persists with USTs finally under pressure amid range bound trading. Spreads are tighter ahead of IG deals but Barclays favors 30y wideners.

Structured Notes: New deals update

Recent structured note activity in USD.

Basis Swaps: We love 2020! New normal emerges; SONIA talk

2020 means a new decade, and signs too of a new normal for a basis swap market that has been weird for most of the 21st Century. Traders eye SONIA.

USD Swaps: Tighter; MS FICC; Brevan; Formosa drivers

Swap spreads are tighter as FIG issuers arrive. MS FICC surges. Brevan sees assets rise and trims its long. Formosa drivers.

EUR Swaps: 5y and 10y focus ahead of Goldman issue; Offer...

Traders report a bias towards receiving in 10y swaps ahead of the Goldman issue and speculate on "quite aggressive" offers in LCH/Eurex.