KfW now using two-way CSAs, dealers claim


When Portugal's debt office decided to sign two-way collateral agreements with its derivatives counterparties – a story broken by Risk last July – dealers hoped other sovereign, supranational and agency (SSA) issuers would follow suit. The Portuguese move did have an impact, but not the kind dealers had hoped.

"Portugal has almost made things worse. Because they were perceived to be in a very weak position, it was almost seen as a concession. No-one else wants to go next because they risk being

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