European commercial paper deals in dollars topped the currency ranking in 2013 at 36%, the first time since 2001, according to Dealogic. Deals in the currency will continue to rise, according to dealers.
ECP deals in dollars reached a volume of $831.1bn in
2013, up 12% from $741.5bn in 2012, according to Dealogic.
“Banks began to favor deals in dollars
last year after the euro started reaching new highs against the dollar,” said a
commercial paper banker. “We expect this trend to continue in