Dollar market hot to trot for triple-As
The dollar market is still the best place to be for sovereign, supranational and agency borrowers. This week KfW is printing a $4bn three year global bond at mid-swaps less 28bp and BNG a $1.25bn three year at less 17bp and both deals were oversubscribed, reflecting a seemingly bottomless pit of money still being directed at this sector. IADB is testing the 10 year market with a $1bn global and Kommunalbanken will try its luck today with a three year dollar. In stark contrast, the euro market is proving a much tougher proposition — NRW.Bank wanted to raise Eu1.5bn and managed only Eu1bn and Instituto de Credito Oficial struggled with its Eu1bn five year. Read EuroWeek on Friday for coverage of all the new issues and get a glimpse of what’s in store for next week.
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