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.

CNY Swaps: Weak CNY fails to drive bid

Basis: Curve eyed as issuance returns; Panda

Daimler Panda too generous; Unhelpful