QE stoppage fears wreak havoc on SSAs

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By Lewis McLellan
04 Jan 2018

Public sector euro borrowers have made a mixed start to 2018. Ireland was able to pull off a spectacular €4bn 10 year, but BNG fell short with its own effort in the same tenor. A lack of certainty surrounding the future of quantitative easing caused volatility in the bond curve, which led borrowers a merry dance, writes Lewis McLellan.

Cartoon_1536_2018While Ireland had no trouble in manoeuvring its way to €4bn at mid-swaps plus 2bp — a new issue premium of 1bp-3bp — others were not so lucky.

Bank Nederlandse Gemeenten was able to print only €500m of the ...

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