Swaps for Germany...

Germany’s Finance Agency, the country’s new federal debt body, aims to use vanilla interest rate swaps to reduce its long-term interest payments by between e500 million and e750 million in the next nine years.

Speaking at the International Swaps and Derivatives Association meeting in April, Gerhard Schleif, managing director of the Finance Agency, said his unit had gained approval in October to transact up to e20 billion in swap notionals this year. The Finance Agency’s first foray into the