Encouraging signs in GG market as spreads push tighter
The signs coming out of the government guarantee market this week are positive with spreads moving marginally tighter. Caja Madrid attracted over Eu3.5bn of orders and priced the second deal from Spain 2bp tighter than the first one. Erste Bank is back in the market, this time with a five year which it is looking to price 3bp tighter than RZB’s issue three weeks ago. Meanwhile, NIBC was able to price 5bp inside last week’s LeasePlan issue. To read about how these issuers managed this, read EuroWeek on Friday.
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