Scratchy deals and close shaves for SSAs

Supranationals and agencies delved in to the dollar market this week with an advantageous basis swap from dollars to euros driving issuance. But it hasn’t all been good news. Cades issued a $1bn five year at mid-swaps plus 10bp in a deal said to be 3bp-5bp too tight. It failed to reach full subscription. An $1bn Instiuto de Credito Oficial three year, the agency's first dollar deal with 144a language, just got over the line — also tight say market participants at plus 65bp. A Bank Nederlandse Gemeenten $1bn three year was deemed more sensibly priced at plus 15bp but the books was still only slightly over the target size. European Investment Bank meanwhile is issuing a two year Eurodollar pricing at less 4bp and KfW a $3bn five year at plus 8bp. The KfW book is approaching $4bn say lead managers and the deal will be priced at the New York open.