Total Derivatives

Swaps - CNY

5y NDIRS saw receiving in earlier trading, as domestic data has missed expectations. 1s/5s NDIRS has steepened to a level that a correction is due.

China Development Bank issued a RMB2.5bn 3-year Dim Sum Bond.

Much like in Watergate, the basis market is being driven by plumbers, trying to find the right way to get the pipes gushing. GBP and EUR benefit.

CNY NDIRS saw better receiving despite strong domestic data. Players are concerned and cautious about the upcoming US CPI data.

While the deal of the week so far is the EIB’s $4bn, 3-year offering, the currency of this first full week back so far is GBP.

5-year NDIRS saw receiving despite a rebound in the repo rate. Price action at the front end has helped steepened 1s/5s NDIRS.

Listing of structured bonds and vanilla bonds issued in the Asia Pacific markets over the past week.

EUR supply is at record levels but the basis market seems to be coming off highs after a hyper-active patch. KfW comments on rebounding CNH issuance.

A strew of new issuance hit the screens today, but for the most part these were vanilla issues from borrowers quick to exploit higher rates.

The slump in Chinese equities has triggered busy flow in 5-year NDIRS. 1s/10s NDIRS is flatter ahead of the trade data.

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