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◆ Public sector issuers embrace hedge fund bid... ◆ ... as they flex in the swap market ◆ Car makers welcomed back to bond market
CEB plans to print more structured notes and may launch inaugural Sofr bond in 2026
Japanese firm plucks banker from UBS
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Sandmeier is president of the Swiss Structured Products Association and head of structured products marketing and distribution at Credit Suisse in Zurich.
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Historically, financial institutions used a single standard curve to value derivatives. Recently market participants have started to move away from a single curve for both discounting and forecasting. Instead, they are using multiple curves, each playing a specific role in valuation. Forecast curves continue to be based on Libor, but are built specifically for different tenors. Also, a significant number of participants construct discount curves based on overnight indexed swaps rates.
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Low realized volatility levels relative to implied volatility levels on the U.S. dollar/ yen has stagnated fx activity this week, and spurred fx structurers to pitch options that allow investors to pay for implied volatility that is more closely aligned with realized levels.
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Banks that expect to register as swap dealers or major swap participants, but already are subject to a prudential regulator’s risk management standards, should be allowed to comply with these rather than new standards planned by the Commodity Futures Trading Commission, according to the Securities Industry and Financial Markets Association.
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Morgan Stanley strategists are pitching equity/fx over-the-counter hybrids on Taiwan equity indices and the Taiwan dollar against the U.S. dollar as they take bullish views on both asset classes in the coming year.
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Goldman Sachs is marketing three-year delta one certificates in Switzerland, linked to what it calls a social network basket.