MTN buyers seek out exotica as yields drop

30 Sep 2010

Equity linkers, CMS-linked notes and puttables proved popular among MTN investors this week although high levels of enquiry led to a comparatively small number of traded deals.

Putables came to the fore for risk-averse, vanilla investors while yield-hungry rates buyers looked to structures to find their sweet spot.

"Rates have been tanking all week," said a MTN dealer in London. "Volatility is up, so that’s driving a bit of option value, but yields are just ...

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