Swaps - CNY
Basis: Super dead as SURE starts; CNY maturing?
Major x-currency basis markets were quiet today, with the EUR issuance understandably distracted by SURE. 7y cable flow and CNH supply caught the eye.
Basis: Pause before SURE start; New step in long march
A barrage of USD issues from big EUR funders left as quickly as it arrived as SURE supply in EUR looms. China sold its first 144a in 24 years.
CNY Swaps: HKMA considers adding swaps to Bond Connect
The Hong Kong Monetary Authority is considering adding IRS trading functionality to its Bond Connect trading system.
CNY Swaps: Liquidity drives bid; MOF upsizes CGBs
Expectations about tighter liquidity has backed paying interest at the short-end of the CNY NDIRS curve. The MOF has upsized its 1- and 10-year CGBs.
CNY Swaps: SCB issues first CCS referencing repo
Standard Chartered Bank has traded the first USD/CNY cross currency swap referencing the CNY 7-day repo rate.
Asia-Pacific MTNs: Callables dominate
Listing of structured bonds and vanilla bonds issued in the Asia Pacific markets over the past week.
CNY Swaps: PBOC publishes benchmark reform paper
The PBOC has published a paper on Benchmark Interest Rate Reform.
CNY Swaps: Loan demand fell; 1s/5s NDIRS steeper
5y CNY NDIRS has been offered but 1s/5s NDIRS is steeper, on the back of FX-driven price action at the front-end.
Asia-Pacific STNs: Callable zero; Kanga tap; JPY Uridashis
Listing of structured bonds and vanilla bonds issued in the Asia Pacific markets over the past week.
CNY Swaps: Cautious 1y offers; 5y better bid
Stronger CNY saw receiving at the front-end, but the liquidity condition has dampened strong offered-side flow. 5y has been better bid.