France pressured, liquidity premium lifts short-end
Apart from the measly €111m recently purchased by the ECB, liquidity has all but dried up, as bankers increasingly look to close down their risk books ahead of the year end. France is once again the focus of attention, with Dexia and BPCE singled out for special attention. Yet, several houses reported good demand for very short dated German and Scandinavian issuance, as asset managers look to park liquidity.
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