EFTA Document EFTA01385955

27 March 2015 US Fixed Income Weekly dynamics, as investors and dealers reduce risk. More crucially it is likely to be related to the increased supply of duration from peripheral issuers. We had highlighted over the last few weeks that peripheral countries were likely to increase the duration of their new issuance to raise the average maturity of their outstanding debt back to pre-crisis levels. We expected the increase in duration to be a headwind to the spread tightening trend, but not