German bad banks tap ECP and MTNs

January 26, 2011 12:00 AM

FMS Wertmanagement, the German agency set up to manage the unwanted assets of Hypo Real Estate Group, has signed a Eu40bn multi-currency ECP programme, and is also looking to set up an MTN programme after selling a handful of standalone deals. Meanwhile, Erste Abwicklungsanstalt, the bad bank agency for WestLB, is finalising its own MTN programme, due to be launched imminently. Two large new agencies, and more expected to join later this year. Are the MTN and CP markets in danger of becoming overcrowded? Read EuroWeek on Friday for reaction and analysis.

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