SSA dollar borrowers poised to launch assault on euro market
A stampede of dollar funders in the public sector market could be set to hit the euro market over the coming weeks as the euro/dollar basis swap reached levels not seen since the immediate aftermath of the eurozone sovereign debt crisis. Deals could come from issuers who are a rare sight in euros and there could even be some debuts, writes Burhan Khadbai.
The five year euro/dollar basis swap has contracted in recent weeks, reaching minus 19.5bp on Thursday, a level not seen since June 2014.“The basis swap is very attractive at the moment for dollar funders,” said an SSA banker. “The euro/dollar basis swap is normalising following the euro ...
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