Dexia Crédit Local dips into dollars but longer dated demand muted
Dexia Crédit Local rounded off a busy week of issuance with the first dollar deal from its new Euro-medium term note programme but the bulk of demand has been for trades at the short end of the curve, dealers reported this week.
The issuer printed a $10m one year floating rate note via Deutsche Bank on Wednesday. Priced at par, it pays a coupon of three month dollar Libor plus 30bp.
The issuer swapped the proceeds to euros at a level of three month Euribor plus 15bp, EuroWeek
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