Muddy dollar picture as investors switch to ‘impeachment trade’

By Craig McGlashan
18 May 2017

A swirl of allegations surrounding US president Donald Trump this week added a rally in US Treasuries to already tightening dollar swap spread, creating an uncertain environment for public sector issuers considering dollar deals next week.

That the European Investment Bank printed a debut dual tranche dollar benchmark as US yields plunged on Wednesday made that trade all the more impressive — but it seems unlikely other borrowers will be able to ape its 10 year tranche.

This week, the US Justice Department said it ...

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