Short but sweet for privileged SSAs

KfW, the sole purveyor of euro denominated debt so far this week, is doing well with its two year euro with orders of over Eu2bn by lunchtime and the deal will likely price this afternoon at mid-swaps less 25bp. The dollar market is predictably busier with IADB announcing a three year benchmark at mid-swaps less 30bp via Citigroup, Morgan Stanley and UBS. The Kingdom of Spain is also poised to issue a three year trade with Barclays Capital, Deutsche Bank and Dresdner Kleinwort. Price guidance is mid-swaps less 30bp.