Dollar market hot, hot, hot for short-end SSAs

Despite a 40bp market rally since the beginning of the year, investors piled into the EIB’s three year dollar bond, which generated a book size of $7.5bn — a previously unheard of oversubscription for a borrower in deep sub-Libor territory. The supranational printed $4bn — its record issue size to date — at its tightest level. BNG and KfW were quick to jump on the three year bandwagon and will price deals today of $1bn and $2bn respectively. Read EuroWeek on Friday for full commentary on a key week in the public sector market.