Swaps - BASIS SWAPS
Basis: USD supply dries up, cable busy
After an outpouring of cross-market USD issues yesterday, that market has dried up. Cable flows are lively though.
Basis Swaps: ECB strikes! Front-ends dominate
As the ECB launches a surprise dovish strike, low issuance levels see short-end basis in focus.
Basis: New dawn starts to fade
The basis market was a little quieter today as cross-border bond issuance eased back a touch. One sector to buck that trend though was GBP
EUR New Issues: EU €5bn long 7y draws €35bn orderbook
EU is pricing €5bn long 7y with current orderbook above €35bn.
EUR New Issues: Coty, Kexim, Pernod Ricard
Coty Inc, Kexim and Pernod Ricard are among the issuers working on new euro deals.
EUR Swaps: Curve and spreads rebound
The swap curve re-steepened and euro spreads rebounded today as accounts re-positioned.
Industry groups warn on EUREX/LCH basis volatility
Industry groups warn of “large, volatile, and unpredictable price differences" in the EUREX/LCH basis if firms are forced to clear in the EU.
Basis: Cable flows keenly eyed; Slight pause
Cable flows were being eyed by cross-currency basis traders this week, while banks look at UK insurers' appetite for swapped debt.
EUR New Issues: BFCM, KfW tap, Sartorius four-part deal
Among the issuers today, KfW is tapping 10y while corporate Sartorius is working on a four-part euro deal.
EUR Swaps: Flattening back; Clients eye EUREX/LCH basis
Supply continues to arrive, while the swap curve has flattened back. Clients eye opportunities in EUREX/LCH basis.