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Abigail Hofman:

Abigail Hofman:

I wonder if ______ is an extremely optimistic person or in a cocoon of senior management denial

Bank deleveraging has barely started

Bank deleveraging has barely started

Banks lending money to governments to help fund bank bailouts looks horribly circular

October 2006

Issuers: Long dollars back on line

The possibility that the long end of the US yield curve might continue to invert has supported long-end issuance from international sovereign and supranational issuers.




Both Italy and the European Investment Bank got great execution on 10-year new issues last month. The US two-to-10-year curve has been inverted since June and is now approximately –7 basis points.

For about 18 months, execution in the dollar market has been poor for quality international issuers. This has meant that Italy and other international borrowers were not as...


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