Bottomless pit of demand for dollar SSAs

The dollar market continues to benefit supranational, sovereign and agency issuers, with bonds from IFC, KfW and BNG all brought to a successful conclusion this week. IFC’s $1bn five year global achieved its usual pristine success. Launched by JP Morgan and Nomura at mid-swaps less 23bp area, the issuer had no trouble tightening pricing to less 24bp and achieving a truly global distribution. KfW managed to build a $3.2bn book in the space of a day for its $3bn five year global bond through Citigroup, Credit Suisse and Merrill Lynch, albeit having to price at the wide end of the mid-swaps less 18bp-19bp guidance. And while BNG’s $1bn three year was not fully sold at pricing, bankers were impressed that it achieved pricing of mid-swaps less 15bp. Read this week’s EuroWeek for reviews of all the new dollar bonds.