“The pace of government-guaranteed paper has slowed in the past few weeks. The guaranteed sector is not designed to exist much beyond this year, by definition, and as we get closer to that deadline we should see it pick up. All banks cannot wait until September or October,” says Spencer Lake, global head of debt capital markets at HSBC.
The common feature of the issuing banks is that they are double-A rated – extremely well capitalized and extremely important to their domestic economies.
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