CGD and Rabobank give unguaranteed market a boost
Caixa Geral de Depósitos and Rabobank have shown yet again that for the right name at the right price, there is investor demand for financial institutions bonds without a guarantee. CGD priced a Eu1.25bn five year at 225bp over mid-swaps while Rabobank added Eu1.5bn to its January 2018 issue this morning at 150bp over mid-swaps, backed with a Eu2bn order book. Other issuers could follow suit this week. To find out if anyone dares to dip their toe in the market, read EuroWeek this week.
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