Structures - USD

USD Swaps: S&P down but GME not over; FOMC ahead

S&P futures are down as some of the froth blows off risky assets, GME excepted. Ahead, the FOMC meeting is widely expected to be uneventful.

USD MTNs: $1.6bn ZCs; More dual CMS

ZCs saw $1.6bn in new ZCs, led by a $522m GS 40y NC5. CMS dual rangers saw more activity. Citi finds ZCs supply exceeding expectations thus far.

USD MTNs: $1bn 40y ZCs; 10y dual CMS rangers

A bevy of ZC callables came over the past week, led by Citigroup, DBS and Credit Agricole. 10y dual CMS rangers were very active - totaling $350m.

USD MTNs: Parade of ZCs; Over $2.7bn

Over $2.7bn in new ZC callables printed, with the vast majority Formosas, bringing the YTD in ZCs to just over $4bn, mostly in 30y and 40y maturities

USD MTNs: Torrent of ZCs; Over $1.3bn already

ZC callable supply has started with a bang. In just the first two days of the year, already $1.3bn has come through in 30y and 40y maturities

USD MTNs: Last hurrah of ZCs – BMO, NBC

BMO and National Bank of Canada came with 40y ZC Formosas, likely the last ZC Formosa prints of the year. GS and BNP Paribas launch chunky CMS.

USD MTNs: SocGen CMS notes; Daiwa ZC

ZC callables only saw one print - a $50m 30y NC1 by Daiwa. SocGen comes with a pair of 15y NC1 CMS-linked. JPM sees level of USD a 2020 driver of ZCs

USD MTNs: RBC ZC; JPM leads callables

Fixed and step-up callable activity dotted the MTN landscape, led by JPM. Only RBC comes with a long dated ZC. BofA sees subdued Formosa 2021.

USD MTNs: Malayan, Macquarie ZCs; SocGen CMS

Amid the shortened holiday week, Malayan Banking and Macquarie launched ZC callables while SocGen came with a pair of CMS-linked notes.

USD MTNs: RBC ZC; Deutsche CMS-linked

An overall slowdown in structured note activity characterized this past week. RBC was the sole ZC, while Deutsche came with a CMS-linked note.