BNG braves choppy sterling market

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By Lewis McLellan
22 Feb 2021

Bank Nederlandse Gemeenten hit the market for a sterling trade on Monday, securing its cross-currency swap hedge in advance to minimise volatility.

“We’d been looking for an opportunity to print sterling for about three weeks,” said Bart Van Dooren, head of funding at BNG. “The levels were OK but not great and there was a lot of volatility in the cross-currency basis swap.”

Van Dooren said that the basis swap ...

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