Total Derivatives

Structures - USD

As the situation of non-fixing ICE Swap Rate fixings has persisted, IBA published feedback today that overwhelming calls to expand the data set.

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.

Structured note activity over the past week saw the return of zero-coupon callable Formosas. IBRD sold chunky-sized callables.

ADCB took a breather from what seemed like nearly daily prints of 40y ZCs, and the slack was picked up by banks. Step-up, fixed callables saw plenty.

ADCB Finance Cayman was again active in 40y ZC callables, with a combination of Formosa and non-Formosa ZCs. IBRD printed size in 5y callables.

Zero-coupon callable activity surged last week, with a total of $320m in 40y zero-coupon callables and $180m in 30y zero-coupon callables.

ADCB Finance Cayman was again the most active issuer in zero-coupon callables. SocGen launched a trio of CMS steepeners. Inverse FRNs saw new prints.

Structured note activity over the past week saw an influx of activity from ADCB Finance Cayman in zero-coupon callables. Dual rangers also saw flows.

MTN activity shifted down to a lower gear last week as ZCs, CMS notes and other MTN activity was muted by the overall drop in underlying yields.

Structured Notes: New deals update

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