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$1B CDP Launched; $18.55B Priced Monday

OPTIONS: Japan's absence from markets this week continues to seep through into
currency hedging volumes, with low activity in USD/JPY countering surprisingly
frantic notional volumes in USD/KRW, USD/TWD and USD/INR.
-Poorer than expected Chinese data (official manufacturing, official
non-manufacturing and Caixin manufacturing PMI all missed forecast) has fuelled
demand for downside protection in some of China's key trade partners, with
USD/TWD and USD/KRW calls firmly in demand over puts: USD/TWD call/put ratio
today sits at 4.8, with USD/KRW's at 1.75.
-Short-end implied vols are mixed across DMFX, with USD/JPY 1m measure higher on
the China data (hitting the best levels since early April at 5.56 points) while
EUR/USD and USD/CHF measures pullback slightly. AUD/USD vols are the standout in
DMFX, recovering back toward recent highs of 7.84 points on the dour China
-Despite the marked breakout in spot TRY today, implied vols have fallen
further, with 1m tenor down over 1 point and now broadly inline with the YTD
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