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SSAs rush to raise dollars as markets tank

New benchmark bond issues from the European Investment Bank and KfW both benefited as yesterday’s equity and credit sell-off drove investors into safe assets. Dollars is the currency of choice for borrowers now considering deals. Spain and the Council of Europe are both in the market, with Spain said to have over $2bn of orders for its three year, while Germany and Italy are also rumoured to be considering deals. KfW priced a $3bn five year at mid-swaps less 20bp yesterday and this morning EIB sold a Eu3bn three year Earn at mid-swaps less 24bp. Read EuroWeek on Friday to find out how these deals fared.

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