An anomaly in euro-dollar basis swap pricing is tempting a growing number of European companies and governments to issue dollar-denominated debt. And although pricing is less favourable than it was some months ago, the market continues to offer juicy arbitrage.

On October 26, for example, the triple A-rated Dutch bank Achmea Hypotheekbank sold $3.25bn of government guaranteed fixed and floating rate notes that were swapped back to euros.