Euro benchmark season closes with high-octane EU trade
The €3bn 15 year deal from the European Union could be the last large euro benchmark of 2012, say SSA bankers struggling to find candidates willing to issue this side of Christmas. Those that still need cash are focused on the dollar market and those that don’t have little incentive to pre-fund.
"The EIB is done and already pre-funding and KfW is within 3bn-4bn of completing their programme so I cant see what comes next," said a head of SSA debt capital markets.
Bankers believe KfW may do something opportunistic and expect the EIB to issue a few taps across the
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