As a sign of the times the message couldn’t be clearer. American International Group, Inc. announced that it intends to establish a $10 billion euro medium term note program.
The fall in the value of the dollar against other world currencies, notably the euro, where it has fallen by more than a third, makes euro denominated investment vehicles more attractive.
AIG said it “intends to use this facility to replace the current AIG SunAmerica institutional funding agreement-backed note program (GIC program) for non-U.S. issuances.”
It also warned: “The securities offered will not be or have not been registered under the Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.”
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