Basis swap opens up euro curve at five years

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The euro market got off to a fine start this week as a supranational rarely seen in euros appeared at five years and a mainstay of the market pulled off another successful trade. But later in the week, cracks began to show.

By Lewis McLellan
17 May 2018
Although typically a dollar borrower, the Asian Development Bank selected euros for its five year deal on Tuesday. BNP Paribas, Citi, Crédit Agricole and Goldman Sachs ran the books, setting the spread at mid-swaps minus 22bp, 3bp-4bp wide of where bankers said KfW (which ...

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