Total Derivatives

Structures - USD

Malayan Banking and Taiwan Semiconductor sold large callable Formosas, the former a ZC and the latter a fixed callable. CMS steepeners saw new notes.

ZCs saw prints ramp up this past week after a late summer lull the previous week with Natixis and BMO leading the pack. Citi’s ZC supply view.

Zero-coupon callables saw only one new entrant waddle into the pool in the past week – a $400m 30y Formosa by Japan Tobacco at par to yield 3.3%.

BMO left the biggest footprint in the ZC market this week. Barclays provides Formosa/ZC supply outlook based on callability.

Standard Chartered and KDB launched 30y non-Formosa ZCs. Merrill Lynch and Goldman Sachs were active in CMS ranger notes.

Bank of Nova Scotia and Morgan Stanley sold large ZC callable Formosas. CMS steepeners see decent activity while dual rangers went quiet.

CMS dual rangers saw a burst of activity, led by GS and Citi. Barclays prints a $100m 30y NC5 non-Formosa ZC. GS sold a SOFR FRN Formosa.

Recent structured note activity in USD and EUR.

A light week for EUR structures included just a couple of callables and a handful of repacks.

Deutsche came with a $200m 34y NC5 ZC Formosa that arrived late to the screens. CMS flows dropped though sources see more investor preference there.

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