Swaps - USD
One man’s fruit is another man’s poison, so it’s no surprise that good corona news in China is being ignored in favour of bad corona news elsewhere.
Covid-19 concerns continued to send UST yields lower with some seeing footprints of Formosas hedging at the back-end. Barclays' discount window view.
Long Treasuries shrugged off a stronger Philly Fed survey today with the rally putting pressure on spreads. Ahead, a 30y TIPS auction looms.
Virus fears were thrown to the wind today but UST yields didn’t cover much ground. Barclays’ benchmark reform survey results.
Swap spreads are wider as yields edge up in the wake of stronger PPI and housing data. Ahead, the FOMC minutes loom. Shorter Formosas print.
Covid-19 fear continued to pester the risk tone today – albeit rather fleetingly. Some block SOFR basis trades hit SDR. BofA’s LIBOR-OIS view.
Just over $31bn priced in the IG new issues market, headlined by Carrier’s jumbo M&A deal. Roughly $28bn is expected this week.
Apple today added to the evidence of the economic impact of Covid-19, lifting haven assets. Ahead, banks look for wider front end swap spreads.
UST yields a nudging lower as shorts cover amid a rudderless risk tone into the long weekend. ISDA fallback and LIBOR-SOFR transition talk.
The UST market is struggling to sell-off on yet another Friday that doesn’t seem to lend itself to a ‘risk-on’ move ahead of the weekend.