Head start tactics reward IADB in difficult dollar market
The Inter-American Development Bank re-opened the dollar benchmark market after weeks of torpor on Tuesday with an oversubscribed $2bn three year despite shaky market conditions thanks to volatility in US Treasury markets.
The re-offer level of mid-swaps minus 3bp represented what some bankers away from the deal called a "generous premium" of 4bp-5bp.
But it was one that was necessary given dollar market volatility and that this was the trade that re-opened the market after the last supranational deal — a
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