Overseas issuance takes up euro slack

Waning euro primary issuance has been counterbalanced by a pick-up in overseas markets with issuers raising €5bn equivalent in three currencies in the last 24 hours. The Bank of Nova Scotia raised $3bn with a three tranche trade, Australia and New Zealand Bank issued its inaugural deal in Aussie dollars and the UK’s Yorkshire Building Society unearthed robust demand in its domestic market for the first UK four year floating rate deal.