EIB argues CMS flatline is not life-threatening

Constant maturity swap-linked MTNs were the big thrill of 2005 — and the big flop of 2006. Where does that leave one of the product's biggest issuers, the European Investment Bank? Jean-Erik de Zagon, head of the EIB's euro MTN business, explains to Henry Williams that all is not as bad as it seems — either for investors or the EIB.

  • 07 Jul 2006

The bull run in notes linked to the constant maturity swap (CMS) rate was the story of 2005 in the EuroMTN market.

Issuers leapt on to the CMS bandwagon and launched some 1,482 notes, according to Dealogic, totalling around $59bn. Foremost among these issuers was the European Investment Bank, ...

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