Swaps - SEK
After fizzling out in the second half of last week, cross-border issuance is taking its time to come alive. Basis swappers like NOK.
New issuance has thinned out as the ECB takes centre stage. But basis swappers are intrigued by long-end steepening. BNPP eyes JPY/USD tightening.
Bunds lagged rallies in USTs and gilts but yields still fell in a market seemingly content to oscillate. The NGEU has been cleared to swap by the EC.
The BOE-convened working group on sterling risk-free rates has published a paper on swap fixes for legacy sterling LIBOR swaptions and CMS.
A good start to 2021 in new issuance and basis is ebbing, allowing Scandi supply to creep to the fore. RBC looks at three key 5y sectors.
GBP continues to work for issuers and investors and sterling supply is at historical highs. NIB explains why it likes GBP. And NOK is also doing well.
Eurex Clearing today announced that EONIA will switch to €STR on October 15 2021, following a short consultation with the market.
With the big issuance guns having rolled in and out of core markets in Sep, basis swaps were stable. Sweden sent out mixed messages and HONIA arrives.
The euro RFR working group minutes reveal the debate over adopting backward or forward-looking fallback rates for EURIBOR.
Basis: Canny borrowers dodge spikes; SOFR basis update