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German State Seeks Derivatives Pro For MTN, CP Program

The state treasury of Bundesland Sachsen-Anhalt, a state in eastern Germany, plans to hire a professional for its medium-term note and commercial paper program because of its active use of derivatives to manage interest rate costs. The new hire will work alongside Michael Freiherr von Eyss, who is responsible for the two programs, and one of the two individuals will focus specifically on derivatives, said Axel Gühl, head of treasury at the Ministerium der Finanzen des Landes Sachsen-Anhalt. He explained that this hire is indicative of how important the derivatives market has become in managing the state's interest costs. "Managing our MTN program has become far too much for one person," he pointed out. The new hire will report to Gühl.

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