EAA keeps it short as all around look long

Erste Abwicklungsanstalt (EAA) sold a rare $250m puttable floater last week as its commercial paper programme nears full capacity, SSA Markets has learned. The deal — a highly conservative structure more commonly seen from issuers hit hard by the financial crisis — came just before the issuer mandated for a three year euro trade timed to benefit from LTRO cash, making it the only agency to do so.