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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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Recent moves by China to shore up risk sentiment include allowing state pension funds to buy equities, injecting liquidity and directing banks to buy CNY. A swap market source suggests that equities are due for a significant rebound in the near-term and that the swap curve will steepen, writes Deirdre Yeung of Total Derivatives. -
Although Chinese equities are selling-off again today short-end CNY swaps have been better bid on underlying concerns about a gradual yuan depreciation trend. Elsewhere traders expect to see the curve steepen as corrective strength in equities supports paying in mid-sector swaps, writes Deirdre Yeung of Total Derivatives.
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In the wake of a selloff despite People’s Bank of China easing, the China Financial Futures Exchange implemented a series of new rules designed to stop the pain.
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Traders this week reversed the recently growing dispersion among some of Europe’s widest iTraxx Crossover credits, with Abengoa rallying sharply as three banks backed the company’s rights issue. But the reprieve was brief and against the tide, say some participants.
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Was it all a dream? At the start of the week the markets were in the throes of a full-blown panic, with talk of “Black Monday” and plentiful comparisons with the Lehman collapse. Yet barely three days later, the iTraxx Europe was back trading at 70.5bp, exactly the same level it was quoted at a week ago.
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Global equity and debt markets rallied on Tuesday, while volatility subsided, after the People’s Bank of China cut its one year lending rate. But for hard hit emerging markets, more pain could be on the way.
