Structures - USD
EUR MTNs: Bank callables; SPIREs
Bank callables and a handful of SPIRE repacks made up the bulk of the week's structured notes.
USD MTNs: ZCs hit a roadblock; CS and BNPP duals
ZC callables saw a significant drop in volumes while dual rangers saw decent activity from issuers including CS, BNP, SocGen and Nomura.
USD MTNs: ZC influx of supply; CMS active
ZCs saw the biggest week in several months as $740m in long dated ZCs printed - largely Formosas. Dual rangers also see decent activity.
USD MTNs: First Abu Dhabi 30y NC5 Formosa; Duals
First Abu Dhabi came with a large 30y NC5 ZC callable Formosa today, the largest since April. CMS dual rangers saw more activity.
USD MTNs: CMS dual rangers active
CMS dual rangers saw a pickup, with issuers Nomura, Citigroup, Barclays, BMO, BBVA amongst those involved.
Deadline for SOFR swaptions brings anxiety, acceptance an...
The deadline for options traders to switch to SOFR is bringing a mixture of anxiety, acceptance and ambivalence. Dealers discuss the challenges.
USD MTNs: Vanilla callables; A peppering of CMS steepener...
A rocky bond market backdrop last week resulted in a return to more simple callable structures, while CMS steepeners and non-inversions saw some flows
USD MTNs: ZCs and dual rangers pick up
MS, JPM, Macquarie led ZC callable flows in the past week while SocGen led activity in CMS dual rangers.
USD Swaps: Flatter; Curve view; Formosas
The curve is flatter and spreads are edging wider; Banks prefer the front end. A range of Formosas have printed.
USD MTNs: Callables active; BNS, NBC ZCs
Simple fixed and step-up callable activity picked up as vols and underlying rates rose. BNS and NBC sold ZCs. Barclays forecasts higher vega supply.