Credit Suisse says Japanese banks are driving unsecured debt pricing in US money markets, and the move to the Overnight Benchmark Funding Rate is not going to end well

In a new Fixed Income Research release, Zoltan Pozsar, formerly of the US Treasury, and his colleague Sarah Smith have conducted a deep analysis of secured and unsecured debt pricing dynamics in light of upcoming US money market fund reforms. This is a complex piece of work with several moving parts, including pricing for three month LIBOR and dollar funding via FX swaps. All of this leads to some unique conclusions.

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