High fives for IFC with tightest versus Treasuries

International Finance Corp spearheaded sovereign, supranational and agency dollar deals this week, printing a $2bn five year global at mid-swaps plus 1bp, which equated to a spread of 15.9bp over Treasuries — the tightest five year UST spread for an SSA issuer since 2005. Despite tightening swap spreads, European Investment Bank, Development Bank of Japan and European Bank for Reconstruction and Development have all issued dollar benchmarks — EIB paying 5bp over mid-swaps for its $3bn three year, DBJ plus 27bp for a $1bn five year and EBRD plus 2bp for a $1bn five year. Read EuroWeek on Friday for why the IFC deal is so special and comments on the best of the rest.