Latest News

EUR New Issues: EssilorLuxottica €4bn, CNP 30y green

EssilorLuxottica is pricing a €4bn three-part tranche. French insurer CNP targets 30y with a new green bond.

JPY Swaps: 7-10y offers; Trade data disappoints

JPY rates market is firmer following a rally in US treasuries and amid disappointing domestic trade data.

JPY Bonds: Cheapening to back 20y demand; Green Bond growth

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.

AUD Swaps: RBA saw a case to cut rates this month

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.

USD Swaps: Momentum spills front end spreads lower still

Narrowing pressures in the front end of the spread curve gathered further momentum into the afternoon, with the 2y spread down 1.75bps.

USDi: BEs compress ahead of upcoming main events

BEs compressed modestly against an largely inflation-unfriendly backdrop. Attention now turns to the more pertinent events for the asset class.

USD Vol: Left side gains; Vega, right side a bit higher

Amid the underlying flattening, the left side again outperformed while the right side and longer expiries followed higher, albeit modestly.

Structured Notes: New deals update

Recent structured note activity in USD.

ICE Swap Rate feedback: Expand data set

As the situation of non-fixing ICE Swap Rate fixings has persisted, IBA published feedback today that overwhelming calls to expand the data set.

GBP Swaps: IL41 goes OK; HF buyers; YBS; SONIA fix?

GEMMs said that the IL41 went well (for the Street) today, selling at a six-month high in real yields and rallying afterwards.

EURi: Caution on OATei-47 tap; Liquidity constraints eyed

Some dealers are wary about the OATei-47 tap and capacity to absorb the supply.

USD Swaps: Trade skeptics lurk; Front end spreads narrow ...

USTs are bull-flattening as trade skeptics lurk while equities ride high. Front end spreads continue narrowing on little volume.

USD MTNs: Non-Formosa ZCs resurge; CMS notes

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.

USD Swaps: FRA/OIS tightening view

Swap spreads are mixed after Monday's tightening. As FRA/OIS continues to tighten, strategists at JPM look at potential drivers for the move.

EUR Swaps: EONIA/BOR steepness; Liquidity and ASW correla...

EONIA/BOR is down again as some find the curve too steep. Improved swap liquidity is strengthening the negative correlation of ASWs, argue some.

Basis: Cable move led by 7y; Supply prospects; Huarong

Price action in cross currency basis today has seen the cable curve head lower, while EUR/USD is pretty flat despite EUR supply.

EUR New Issue Pipeline: Land NRW bumper 10y and 20y

Land NRW is hitting the long-end with the sale of 10y and 20y bonds

JPY Swaps: Clearing correction continues; Butterfly trade

JPY clearing basis continues to correct after being positive earlier this month. A 10s/20s/30s butterfly trade idea has been put forward.

AUD Swaps: 5y AUD-USD spread; Qantas launch

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.

USD Swaps: Spreads narrow; Lower FRA/OIS; Supply

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