Swaps - BASIS SWAPS
Swappers eyed aggressive 30y SONIA-BOR offers and standout 30y ASW flow today. But what drove the eruption of SONIA-BOR flow?
After a quiet start to the week, both sides of the Atlantic are seeing strong issuance, with USD supply from non-domestic issuers booming.
France received €51bn of 20y orders while BTPs eye a big ERF grant. In basis, offers in EONIA/BOR and bids in 3s6s are reported.
An optically quiet start to the full week of basis swap activity belied what traders suggest will be a busy session.
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Listing of structured bonds and vanilla bonds issued in the Asia Pacific markets over the past week.
A bumper 8y, 12y & 18y EUR issue from AT&T set the ringtone early in cross-currency basis trading today. But Belgium is providing flow the other way.
AT&T is pricing a three-part long-dated issue, while BPCE and ING are among the financials working on deals.
After three days of heavy EUR supply, investors appear to be saying 'please borrowers, can we have some more spread.'
Swap spreads bounce after collapsing over the past several days. FRA/OIS tightens despite mixed EURIBOR fixings.