Total Derivatives

Swaps - EUR

EUR fixed income was very much driven by the Fed today, while ECB hike talk starts to bubble. Dutch PFs start to eye indexation, but UFR is an issue.

The euro long-end is steeper amid supply while ASW flows are mixed. Minutes from ESMA RFR WG meetings reveal mixed views on EURIBOR XCCY.

Euro issues pricing today include a new Finland 20y, EIB 7y and Land NRW tapping 2068s.

The Bund and ASWs have retreated from yesterday's highs. Big supply arrives from the likes of France and KfW.

France is pricing a new 30y linker. Also pricing are CPPIB, KfW and Hitachi UK.

Sources report interest in risk-off trades as swap spreads widen and uncertainty around Russia and Ukraine persists.

Among the issuers working on new euro deals are Canada's CPPIB, Societe Generale and Thames Water.

Weak stocks, Russia fears and positioning have all contributed to a 70 tick Bund rally and a flatter curve. Banks look at sagging syndication demand.

Friday sees a pause in the torrent of euro new issues after a week that included the largest covered bond since 2006, a 5y from Bank of Montreal

Comments from ECB chief Lagarde this morning helped focus attention on dovish ECB minutes. Banks are wary of flatteners.

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