Dwindling debt demand

Repricing has been seen in products linked to US dollar Libor, such as three-month AA financial commercial paper, where rates moved from 1.65% at the end of 2017 to 2.31% by March 30. Investor demand for these products and one- to three-year debt has dwindled, thanks primarily to US tax reform and large-scale debt issuance by the US Treasury, which has shifted US dollar-funding pressures out of the forex market and into Libor, according to Zoltan Pozsar, a macro strategist at Credit Suisse.

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