Total Derivatives

Structures - USD

Increasingly rare ZCs came from ANZ and BNPP this week. Barclays examines reasons behind the steep drop off of ZC volumes and sees it persisting.

Goldman Sachs sold two non-ZC Formosas. Simple callables were active into month end. RBC and UBS print CMS notes. BofA sold a CPI linked note.

A couple of CMS steepeners, a solo small ZC, CPI linked notes and simples callables populated the landscape of USD MTN activity in the past week.

Both NBC and Rabobank came with ZC callables this week. Meanwhile, some big banks came with jumbo-sized fixed-to-FRN deals.

Two ZCs - an increasingly rare sight this year - printed this past week. CMS activity was limited to a steepener from SocGen and a Nomura CMS barrier

Range accruals and plain vanilla callables saw prints amid another high vol week that ushered in much lower underlying rates.

UAE priced a $1.25bn 30y fixed (non-callable) Formosa. GS was the sole ZC - and a small one at that (non-Formosa). Citi and SocGen launched duals.

USD MTNs activity steered through a week that saw ample volatility and much higher underlying rates, with new ZCs, CMS and callables printing.

Callables saw a flurry of activity as some seized upon the much higher vol post CPI. CPI linked notes see two prints. CMS and 15y and 20y ZCs.

DB, ML, GS and SocGen all launched $40m 10y NC4 CMS dual rangers in the past week. ADB comes with a small $30y ZC. Simple callables were active.

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