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Big Spreads in France Draw German Buyers

机译:法国大宗交易吸引德国买家

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Heightened levels of volatility and increased risk aversion among investors may have made life harder for many euro zone borrowers, but for some, at least, it has brought opportunities as well as challenges. Take Caisse d'Amortissement de la Dette Sociale, or CADES, the French social security refinancing agency. CADES issues in euros, dollars and yen. The euro program was traditionally taken up overwhelmingly by domestic investors looking for a spread over OATs, but as French spreads over German credits widened, CADES found German investors starting to nibble at their paper in a way they hadn't before.
机译:波动性的加剧和投资者之间风险规避的增加可能使许多欧元区借款人的生活更加艰难,但至少对于某些人而言,这既带来了机遇,也带来了挑战。以法国社会保障再融资局(Cases d'Amortissement de la Dette Sociale)或CADES为例。 CADES以欧元,美元和日元发行。传统上,欧元计划是由国内投资者寻求OAT价差的绝大多数,但是随着法国对德国信贷价差的扩大,CADES发现德国投资者开始以前所未有的方式蚕食其票据。

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    《Institutional investor》 |2012年第5期|p.A3|共1页
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