If they are swapping back into dollars in a floating rate equivalent, they care more about spread levels rather than rates. The movement in the basis swap continues to make dollars more attractive, and that trend should continue. Andrew Karp More Quotes by Andrew Karp More Quotes From Andrew Karp Any company looking at leaving money in euros will be focused on the lower coupons they can get in the euro market. Andrew Karp company-news There has definitely been an increase in the level of interest and activity from European investors, we've seen that in order books and we hear from many of our investing clients that they are receiving inflows from non-US accounts. Andrew Karp company-news