Structures - EUR
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.
While the public markets are bursting at the seams with new issues, the market for structured notes was slower to get going.
Land NRW gives an update on its structured issuance programme and explains its reluctance to shift to central clearing.
EUR structured notes arriving over the last week include a handful of long-dated callables and the return of CMS1010.
Euro MTN issuance has slowed over the last week but a few handful of callables, repacks and equity-linked deals still made it over the line.
Structured notes arriving in time for Christmas included a raft of repacks - many involving the BTPei-41 - and a clutch of callables.
Vol was initially better offered today. SocGen recommends a range of trades for 2020. New structured deals include plenty of callables.
The last couple of weeks have seen a range of euro structured issuance including callable, CMS, inflation and a rare vol bond.
A thinner-than-usual Friday resulted merely in enhanced volatility in Bunds. In vol, fading hopes of rate rises are reflected in payers.
Vol dealers looked to year end and said that gamma was better offered. HSBC prefers wedges. Citi prints a rare vol bond.