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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
SSA
New contracts cannot yet be traded in US
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  • Fast money accounts are going long risk CDX High Yield and shorting the S&P500 hoping to play the decompression between the two.
  • Market participants may have been making the shift to adopting overnight indexed swap (OIS) discounting for swap portfolios since 2007, but this year the focus has shifted to include the challenges surrounding credit valuations and a whole host of other complications.
  • CNY swaps have been offered on the back of weak data, political protests in Hong Kong and low fixings ahead of the holiday period. Good-sized receiving in the belly of the curve has flattened the 2s/5s swap curve slope.
  • Risk across central counterparty clearing houses will be put under a microscope in an electronic guide to CCP rulebooks being created by FIA Global that is expected to launch in December.
  • Jamie Gavin, ex-executive director of operations and global head of change for listed derivatives and over-the-counter clearing at Morgan Stanley, has joined brokerage Newedge as head of institutional OTC clearing sales for the UK.
  • €2.9 billion notional of barrier options on the euro against the US dollar that expired Thursday ended up being worthless. The barrier options had strikes at $1.2850, but their tenor could not be gleaned.