Swaps - CNY
USD Swaps: More global liquidity; Spreads in
China's liquidity add was widely expected but still provided support for global risk assets. Dollar spreads tightened as dealers await issuance.
CNY Swaps: 1y bid flattens 1s/5s NDIRS; Early 5y offers
CNY NDIRS has generally been better bid except some early receiving interest in 5-year. Paying in 1-year has flattened the 1s/5s NDIRS slope.
Basis: 30s50s cable flow; Busy JPY/USD
The Autumn sea of GBP, USD and, especially, EUR issuance has receded, elevating to visibility something of a bounce in JPY-denominated basis activity.
Basis: China blockbuster! But why? Busy EUR
The busiest day for EUR issuance since September saw the EUR/USD basis swaps curve find itself under downwards pressure in the morning.
Basis: 30y, 10y EUR/USD flows; Clearing talk
Traders reported good 10y and 30y EUR/USD flow this morning, while elsewhere they were sceptical about Eurex's clearing breakthrough.
Basis: SOFR mania; Italy whopper drives EUR/USD
An impressively busy day once more for new issuance saw the shadow of Italy’s $7bn 3-part cast over much of the curve.