Asset managers want the US Department of the Treasury to conduct regular exchanges of off-the-run government bonds to ease liquidity constraints in the market.
In a proposal submitted to the Treasury last week, BNP Paribas Investment Partners called for a weekly exchange scheme that would allow market participants to swap off-the-run bonds for newly minted on-the-run securities.
BNP Paribas Investment Partners is the asset management arm of the French bank.
The proposal, seen by Risk.net, is sim
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