Negative Euribor pulls floor from under FRNs

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Negative Euribor pulls floor from under FRNs

Euro in vice resized
low budget - money in the vice | Photographer: Nikita Sobolkov/nikkytok - Fotolia

Floating rate MTN issuers in Europe are preparing to go through the looking glass, as three month Euribor goes negative for the first time, slowing the market for euro issuance and threatening to put some borrowers in a uniquely frightening position, writes Jonathan Breen.

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