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Debt traders are running for the exits as the prospect of dollar-funding pressure surfaces in money markets and hinders the seasonal narrowing of swap spreads.

While issuance of U.S. investment-grade debt has been robust as usual at the start of the year and companies are following the standard playbook of also transforming those fixed-rate liabilities with swaps, spreads haven’t widened. That appears to be because what banks pay to fund themselves relative to riskless rates has expanded, a counterforce for spreads.

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