US debt debacle fallout: SSAs step up search for $ alternative

Rival currencies, most notably euros but also Canadian and Australian dollars and sterling, are poised to claim a greater share of the sovereign, supranational and agency market in the wake of the US debt ceiling debacle, SSA bankers said this week. The anticipated shift reflects new concerns over political volatility in Treasury spreads meshing with a long term drive to diversify official reserves, writes Nathan Collins.