Sub-Libor resurfaces

June 03, 2009 12:00 am

The European Bank for Reconstruction and Development this week issued the first sub-Libor trade from an SSA borrower in dollars since October 2008 in a major milestone in the recovery of pricing levels for the sector. The $1.5bn two year global will be priced this afternoon at mid-swaps less 10bp, aggressively tighter than initial guidance of less 5bp. Also in dollars this week, a three year SFEF trade blew out at mid-swaps plus 25bp-30bp. After getting a $14bn book, the agency printed $6bn at plus 25bp

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