EU regulations could slow €STR growth

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By Frank Jackman
30 Jan 2020

Few MTN issuers have so far issued in the Libor-replacing euro short term rate (€STR) format, with deals limited so far to supranationals, agencies and, this week, a sub-sovereign. Some bankers blame the 2017 EU Prospectus Directive for tightening up the rules on adding new indices to programmes, leaving non-exempt issuers on the sidelines.

This week, Saxony-Anhalt became the first sub-sovereign to sell €STR linked paper, following in the footsteps of fellow SSAs L-Bank, KfW and the EIB.

So far the only issuers to have sold €STR linked paper are those exempt from EUPR — EU member states and their regions, supranationals with ...

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