Structures - USD

USD MTNs: UBS dual CMS; Barclays ZC Formosa

Structured note activity slowed down amid the underlying squeezy rally in USTs. ZCs included a large Barclays Formosa, late to the screens.

USD MTNs: ZC supply emerges; CMS 30y duals

ZC callable supply saw a rebound from the week prior, with some of the new ZCs coming on the screens belatedly. A pair of $80m 30y CMS dual rangers.

USD MTNs: Bevy of 15y dual rangers; Fixed callables

CMS dual rangers saw a bevy of $40m 15y dual rangers while GS was active in fixed callables going into month end. Formosa activity was limited.

USD MTNs: ZCs take a dive; CMS quanto; Citi steepeners

ZCs saw barely any new supply, a steep drop from the week prior. JPM comes with a CMS quanto. Citigroup launches a trio of CMS steepeners.

USD MTNs: Hefty ZC week; More CMS dual rangers

ZC callables saw just over $900m in new supply, of which over $500m were Formosa. CMS dual rangers also saw strong supply totaling $400m.

USD MTNs: UBS, MS, Santander ZC Formosas; Dual rangers

$510m in initial notional new ZCs came in the past week, led by issuance from UBS, MS and Santander. CMS dual rangers were also fairly active.

USD MTNs: April ZCs end just under $3bn; CMS steepeners

ZC flows dropped in the final week of April and total volumes for the month ended just under $3bn. CMS steepeners were active, led by GS and Citigroup

USD MTNs: Formosa ZCs zip higher; Dual CMS

ZC callable supply zipped higher, with $1.58bn coming in 30y and 40y maturities, and the bulk Formosas. Dual CMS rangers remain active.

USD MTNs: CMS dual rangers aplenty; ZC supply miniscule

CMS dual rangers came back with a vengeance this past week, with a total of $625m in new dual rangers launched. ZC callables see very little supply.

USD Swaps: Formosa views; JPM, GS FICC up

Yields are a touch high as risk assets gain. Banks gauge Formosa issuance in 2020. JPM and GS confirm first quarter FICC gains