Cross-Currency Weekly

XCCY basis spreads remained stable this week despite high issuance volumes, with particular strength and activity noted in the CHF and JPY markets.

Key Takeaways

• 1.Cross-currency basis spreads remained in tight ranges despite significant cross-border issuance activity during May.
• 2.The CHF market saw unprecedented activity with heavy issuance from diverse categories, including US tech giants like Amazon and Alphabet.
• 3.USDJPY markets are focused on the 160 spot level, where intervention risk remains a primary driver for long-dated FX and basis spreads.

Table of Contents

• Commentary
• Notable cross border issuance
• Appendix 1: Government bond Asset Swap levels
• Important Information
• Disclosures
• Disclaimer

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