Total Derivatives

Structures - USD

Swap spreads are tighter as deals arrive and the end of blackout comes nearer. Banks look for a faster, later Fed response.

ZC saw the lowest weekly total for the year with just over $100m. CMS dual rangers saw a pick up, however, while CMS steepeners were plentiful.

A Deutsche 34y ZC and Malayan Banking 40y ZC headlined ZC new supply. Step-up dual rangers see a halt in demand. CMS steepeners see new flows.

Both ZC callables and CMS dual rangers saw a brisk influx of new supply, albeit slightly lower than the previous week.

ZC callables saw increased activity this past week while CMS dual rangers continued to see hefty volumes.

CMS dual rangers saw a large influx of notes this past week. CMS steepeners also saw activity. ZC callables saw only $250m print.

ZC callables slowed down amid the turbulence of the underlying rate markets. CMS activity, however, picked up with steepeners, dual rangers printing.

After the LNY break, ZC callable supply came back online, with a total of $789m, the bulk Formosas. CMS dual rangers, steepeners see new prints.

Zero-coupon callable and Formosas supply all but dried up last week ahead of Lunar New Year with little more expected in the near term.

ZC callables supply saw the last rush off new notes ahead of the Lunar New Year, with $1.6bn sold. Total YTD all all ZCs stands at $10bn.

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