Depth in dollars

A capacious dollar market has already absorbed $10bn plus of SSA transactions and though none have been wildly oversubscribed, the capacity of the market to absorb such large size so early in the New Year has surprised many. In the five year tenor, Bank Nederlandse Gemeenten was first out of the gates with $1bn priced at plus 25bp, followed by European Investment Bank with $3bn at plus 4bp then Rentenbank with $1bn at plus 17bp. In three years, KfW has issued $4bn at less 2bp and KBN will price $1bn at plus 12bp. Read EuroWeek on Friday for coverage and analysis on all the week's deals.