At the annual Euromoney Borrowers and Investors Forum last month, the great and the good of the sovereign, supranational and agency issuer community gathered in London to meet market participants.
Many of the conversations between issuers and dealers centred on the macro picture, or likely future supply and demand dynamics following record new-issue volumes in the first half of the year.
But behind the scenes, hidden in the nuts and bolts of clearing and settling derivative trades, there were increasingly tense talks on a problem that is responsible for draining substantial levels of liquidity from banks and whose cost could amount to tens of billions.
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