Triple-A fiesta still swinging as central banks guzzle assets
The riotous demand for triple-A dollar bonds this week, even after last week’s feast of deals, drew superlatives like "phenomenal" and "extraordinary" from veteran bankers in the supranational, sovereign and agency market.
Central banks eagerness for short-end dollar paper drove the market, eliciting nearly $10bn of deals from prime SSAs. That all the deals were oversubscribed is remarkable when Treasuries were rallying persistently and swap spreads widening, particularly as $19bn of three year deals were issued last week.
However, investors are
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