Libor plus chasers help JBIC to $3bn

Japan Bank for International Cooperation has this week issued the largest dollar bond by any Japanese government guaranteed institution as investors continue to seek Libor plus assets from top quality borrowers. The $3bn three year drew orders of $3.7bn enabling pricing at mid-swaps plus 15bp, the tight end of the 15bp-20bp guidance. In euros, Bank Nederlandse Gemeenten’s first 10 year since June 2006 attracted Eu1.4bn of demand for a E1bn trade and achieved an impressively tight level of mid-swaps plus 30bp, inside the 32bp guidance. But, despite the receptivity of investors to new deals in both markets, there appears to be little in the pipeline with most issuers done for the year — only Spanish agency Frob and France’s Unedic are definitely scheduled, Frob in mid-November and Unedic later in the month. Read EuroWeek on Friday for SSA coverage