Structures - USD
$280m in new ZC callables came this week, led by a $100m 30y NC5 from Barclays. Fixed and step-up callables saw a spurt of activity at month end.
$1.14bn in new ZC callables sold in the past week, led by chunky sized Formosas from Abu Dhabi, Santander and Citigroup.
After the previous week saw a strong $2.25bn in new zero-coupon callables, this past week saw the bulk of the volume come from the $665m 30y NC5
Zero coupon callable flows came roaring back to life in the past week. A total of $2.25bn priced in zero-coupon callables, predominately in Formosas.
Banks discuss the risks to demand ahead of the largest ever 10y auction. Spreads widen at the long end. Issuance remains strong.
ZC callable volumes over the past week dipped lower with only JPM, BMO and StanChart small ZCs. Wells Fargo and Citi lead activity in callables.
ZC callable activity picked up substantially over the past week as FIGs left earnings blackouts. JP Morgan examines Taiwanese callable trends.
Zero coupon callables continued to see a drop in supply, with only $140m in new notes this past week. Dual rangers from Barclays, UBS and SocGen print
Yankee bank names launched a total of $445m in mostly 30y ZC callables, roughly evenly split in Formosas/non-Formosas. Barclays sees more callables
Qatar launched a $10bn 3-part today, including a $5bn 30y fixed tranche Formosa paying 4.4%. ZCs see $380m in new flows, continuing a slowdown.