NRW.Bank doubles up with dollar floater ahead of Fed

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By Craig McGlashan
08 Jun 2017

NRW.Bank made a big noise in a quiet dollar market this week as it printed the joint largest floating rate note from a European supranational or agency this year. Other issuers might be encouraged to follow with similar deals next week, said bankers, although a US Federal Reserve meeting on June 14 — where a target rate rise is widely expected — will bisect the window.

CME Group’s FedWatch tool — which tracks investor expectations of Fed moves by analysing futures prices — is posting a 99.6% expectation that the Fed will increase its target rate to 100bp-125bp from 75bp-100bp.

Some investors are looking for floating rate notes as a result — which likely ...

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