Structures - USD
Zero-coupon callable Formosas saw some decent volumes over the past week, led by CIBC, National Bank of Canada and MS.
Supply in ZC callables saw a healthy slate of new notes in the past week, both Formosa and non-Formosa. CMS-linked note activity also saw good flows.
BNP Paribas and Morgan Stanley led new ZC flows. JP Morgan launches a 15y NC1 CMS steepener. Nomura comes with a 10y NC1 CMS dual ranger.
Formosa zero-coupon callables saw a flurry of activity - with SocGen, QNB, MUFG and NBC in the mix. CMS steepeners and other CMS notes saw prints.
ZC callable activity dwindled. A BNP Paribas $50m 30y NC5 was the largest. Citigroup sold a small fixed callable Formosa and a domestic Libor ranger.
Verizon and Taiwan Semiconductor both sold 40y NC5 fixed callable Formosas. BNS came with a $200m 40y NC5 ZC. Citi sees tepid callable supply ahead.
The only ZC callables on the radar this past week came from BNP Paribas, including a $330m 30y NC5 Formosa. JP Morgan sees further ZC redemptions
ZC callables and Formosas saw a drop in flows last week, with the largest note coming from Saudi Basic Industries that sold a $500m 30y fixed Formosa.
Structured notes saw some chunky prints in ZC callables surface, with Barclays and BNS Formosas leading. Citigroup launched 20y CMS non-inversions.
Another $1.915bn in new fixed and ZC callable Formosas hit the tape last week, headlined by a $1bn fixed callable from TSMC.