Issuers surf five year euro wave

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Issuers surf five year euro wave

April 01, 2009 12:00 am

Société de Financement de l’Economie Française (SFEF) and the Hellenic Republic took Eu12bn of five year money out of the market with ease this week. SFEF continued its phenomenal run and printed Eu5bn at mid-swaps plus 37bp, which, although priced in the middle of the 35bp-40bp guidance, is a tremendous achievement amid so much five year supply. Greece achieved a huge book of Eu10.5bn and priced Eu7bn at mid-swaps plus 225bp against guidance of 225bp-235bp. But another five year issuer, Nordic Investment Bank, seems to have had a tougher time, its Eu1bn transaction priced at mid-swaps plus 50bp, judged too tight for a debut.

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