Structures - USD

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.

USD MTNs: ZCs inundate with $2.7bn 30y and 40y

$2.695bn in 30y and 40y ZC callables inundated the market in the past week, with $2.055bn Formosas and $640m non-Formosas. The total YTD is $4bn.

USD MTNs: Torrent of 40y and 30y ZCs; CMS notes

The New Year has brought forth a torrent of zero-coupon callables. In total, $1.349bn has printed thus far in a mix of 30y and 40y.

USD MTNs: ZCs, CMS duals, steepeners

Structured note activity over the past week saw decent follow through activity from the previous week in both zero-coupon callables and dual rangers

USD MTNs: AT&T, MUFG Formosas; BNS ZCs; CMS duals

The structured note activity saw a resurgence of activity, with AT&T and MUFG selling new Formosas, BNS active in 40y ZCs. SocGen led CMS duals.

USD Swaps: Time to grind? Formosa tweak

A lack of trade headlines has ensured that USTs and spreads are steady. Barclays looks at the grind in 2020. Regulators tweak the Formosa rules.

USD MTNs: ZCs zero out; Fixed, step-ups active

The past week saw no ZC callables and little in the way of CMS structures, but step-up and fixed callables continued to print new notes, led by JPM.

USD MTNs: IBRD callables; Bank ZCs; Step-ups plentiful

Bank non-Formosa ZC callables saw flows while step-up and fixed callables saw new activity. Meanwhile IBRD sold some of chunky fixed callables.

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.

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.