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/EGBS: TD analysts said they are "closing...>

US TSYS
US TSYS: /EGBS: TD analysts said they are "closing EUR/USD Basis" trade amid
"year-end and repatriation risks ahead." They closed out their "3m EUR/USD basis
tightener trade at a spread of -47bps and lock in a loss of $175k. We expect to
see the cross currency basis continuing to widen over the next few weeks and
months."
- They added that "year-end balance sheet pressures often widen this basis. In
addition, any chance of repatriation flows due to US tax reform can also create
a scarcity of dollars outside the US."

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