Brexit ‘catastrophic’ for euro MTN houses

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By Lewis McLellan
24 Jun 2016

The UK’s decision to leave the European Union will have a “catastrophic” effect on MTN dealers specialising in the euro, according to bankers, but flows in dollars and Asian currencies should go some way to compensating.

“Investors are shocked,” said a German MTN banker. “The projects we were working on are now on hold as the buyside flocks to safe havens.”

While volatility in euros will mute that market for weeks, said bankers, the move in the euro/dollar basis swap will make dollars an ...

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