SSA safety first, but risk slowly returning

12 Mar 2010

European commercial paper investors continued to seek out sovereign, supranational and agency debt this week as risk aversion stayed high over Greece’s deficit and debt troubles. Around $11.2bn equivalent of sovereign paper traded, up slightly on last week’s $11.0bn, while supranationals reached $1.5bn from $1.2bn.

Names such as the Republic of Austria and the Kingdom of Sweden were in demand, selling $493m and $287m respectively, according to Dealogic data. In addition, Nederlandse Waterschapbank issued $1.3bn of ECP. The Dutch agency had been in a blackout period until recently.

"Credit lines had built up ...

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