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JPY Swaps: Forward spread flow; Lifer JGB bid

There has been trade in JPY forward spreads amidst a lack of price action. Japanese lifers are buying JGBs on the divergent Fed-BOJ outlook.

AUD Swaps: Curve trend thoughts; LBBW 3y bond

There has been interest in AUD curve spreads as the flattening trend is examined. LBBW issued a 3-year bond.

USD Swaps: UST belly outperforms; Spreads narrow

USTs saw a relatively modest range amid tempered equity price action, but sources are wary. Swap spreads narrow. Citi examines US/WN spread drivers.

USD Vol: Gamma, vega grind in lower; 5y10y hit

Both gamma and vega are lower amid lower delivereds and more rangebound underlying rates. 5y10y, 1y20y traded down. Citi examines vol ratio signals.

GBP Swaps: Bailey defends MPC; RPI to go one louder

BOE Governor Bailey defended the MPC in this time of ballooning inflation, allowing gilts and linkers to retain gains at the close. BofA eyes RPI.

Structured Notes: New deals update

Recent structured note activity in USD, CAD and EUR.

EUR Vol: 1m gains; Belly leads; Bottom right troughs

The 1m expiries posted biggest gains. Further out, the belly outperformed. Bottom right vega troughs out.

USD New Issues: Fragile conditions; Trying to clear backlog

Only $21.7bn managed to price in IG (ex-SSA) last week. $30bn expected this week as some of the backlog looks to clear amid fragile conditions.

USD Swaps: Meandering start as Fed and data lie ahead

Last week’s UST rally has yet to extend as a busy week of domestic potential market-moving events awaits. BNPP looks at the Fed's plans.

EUR Swaps: Sharp Bund ASW tightening continues

The sharp tightening in Bund ASWs continued today. ESM is pricing €2bn 5y and the new issue pipeline is building up with plenty of deals.

EUR New Issues: ESM €2bn 5y; Suez multi-tranche; EIB 10y ...

ESM is pricing €2bn long 5y, Suez is working on a three-part euro deal, plus EIB has mandated banks for a 10y Climate EARN.

JPY Swaps: Light long flow; Linker auction; Sustainabilit...

here has been light trade in long JPY swaps. A 10y JGBi auction is being held today. Toyota is planning to sell Sustainability Bonds.

AUD Swaps: Spreads ease slightly; RBA minutes due

AUD swap spreads have eased slightly as the market awaits the release of minutes from the RBA's May meeting.

USD Swaps: Yields revert higher; Still a role for duratio...

With risk assets ending the week on somewhat firmer footing, USTs yields have reverted higher. BofA still sees a role for duration in portfolios.

EUR MTNs: More bank callables

Structured note issuance over the last week in euros was mainly bank callables with a number of 15y to 20y deals offering coupons over 3%

GBP Swaps: Strong week for 5y ASW; Is RPI reform risk real?

Gilts staged a bearish reversal while traders discuss 5y ASWs. And RPI reform - the topic that won't die - is being challenged. Barclays explores.

EUR Swaps: ASW collapse extends, banks on where next

The plunge in Bund asset swaps from the wides has extended - traders and banks look at the drivers and ask where spreads are heading next.

USD Swaps: FX and future issuance eyed as spreads narrow

The overall market direction this morning was set by an equity rebound led by tech. Traders mull possible FX-driven and new issue pressure on spreads

JPY Swaps: Long-end steepens more as 10y outperforms

10-year JPY swaps have been outperforming other maturities on the rally, supporting further steepening at the long-end of the curve.

AUD Swaps: Swaps well offered; EFP box flattens more

AUD swaps have been well offered with swap rates down more than 10bps. The futures curve steepened up to above 50bps, and the EFP box flattened more.