ADB hits pricing record as official money chases SSAs
Central banks dominated demand for dollar offerings from the three supranational and agency issuers in the market this week, underlining the popularity of the SSA asset class in the face of dwindling Treasury returns.
Strong support was also notable from US real money accounts, despite the low yield environment as 10 year Treasury yields slipped below 3% on Wednesday.
The combination of this demand allowed the Asian Development Bank (ADB) to issue a $1.5bn three year bond at mid-swaps less 8bp, the tightest
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