Chaos spreads to Scandi SSAs as Norway pulls rug from under Eksportfinans
It is the end of an era in Norway. The government has dealt a blow to Eksportfinans, the body that has been running the country’s export financing, refusing to grant it an exemption to CRD IV and setting up a new agency to replace its role. The response was swift and devastating. Moody’s downgraded Eksportfinans to junk, saying that its business model had been all but wiped out. A flight from the name wreaked havoc on spreads and brought hitherto unknown volatility to Scandinavian SSA markets.
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