EAA lures investors with juicy premium over Germany
German wind-up agency Erste Abwicklungsanstalt (EAA) sold a €1.75bn three year on Wednesday morning that offered a near 50bp premium over a blow-out from KfW that came the day before. The issuer is the only one to come with a three year in euros or dollars at a positive spread to mid-swaps so far this week, as ultra-conservative investors have piled into top tier names in spite of extreme low yields.
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