Initial flurry then calm after French agency swap postponement

The Trésor said it suspended its programme due to increased volatility in the bond markets over the past couple of months. Traders reported thin liquidity yesterday, with most investors hesitant to commit themselves to the market. “This may be the calm before the storm,” said one European swaps broker. “If there had been much liquidity we may have seen some real carnage.” The broker added that the next few days could see increased activity as investors decide whether there may be an alternative

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