German debt office poised to collateralise swaps
Pending 2014 budget would allow Finanzagentur to post up to €8 billion in collateral
Germany's debt office could start posting collateral on its swaps trades this year, pending a change of law included in the country's 2014 budget. If the change is voted through as it stands, which could happen in July, the Bundesrepublik Deutschland Finanzagentur – known to market participants as the Bund - would be the latest in a series of European debt offices to change policy, and by far the most significant. As of end-2012, the Finanzagentur had a swaps portfolio with a notional value of
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