Emerging market Yankees; overnight swaps; Deutsche's rating tussle; Tobin put to bed. Edited by Peter Lee
An emerging markets rush
A slew more is expected before the end of the year, as issuers try to hit the market before us interest rates rise. For the lower-rated deals, "spreads are attractive right now", says s&p analyst Diane Vazza. "There's so much cash out there, and not enough supply." As a result, she says that "yankee bonds that are 144as are trading more like public securities and are more liquid, since the expectation is that about 50% will become public securities".
Most 144a issues carry registration rights.