EIB is tightest supra as $4bn thrills real money
The European Investment Bank continued to push the boundaries in the dollar bond market this week by issuing a ground-breaking $4bn three year global deal at the tightest spread to swaps ever achieved by a supranational agency — and getting over $3bn of orders in 30 minutes.
The deal was priced at mid-swaps less 30bp, a level last seen when the Bank of England issued its once-a-year $2bn three year bond in March this year. But that level has never been breached by a frequent issuer.
The Bank of England deal was trading at around less
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