In the first two weeks of the year 54 yankee bonds were issued by banks, raising more than $36 billion – more than the entire 2010 issuance, according to Dealogic. More deals are expected in February. European banks such as Lloyds TSB, Barclays, Nordea, BNP Paribas, Barclays and Crédit Agricole all turned to the US to raise money. Rabobank Nederland sold $2.75 billion in yankee bonds.
The deluge of issuance is in part a result of the negative euro-dollar basis swap.
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