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Short is sweet — the continuing mantra of the dollar market

Dollar issuance is still focused on two and three years as the yield curve continues to steepen. The Asian Development Bank’s $1bn three year global was well received, the book reaching $1.2bn in the space of five hours despite the deal being priced flat to its outstanding February 2011s at mid-swaps plus 25bp. But KfW printed only $2bn in its two year global at plus 30bp rather than the $3bn plus the issuer had hoped to raise. Cades is now in the market with a two year Eurodollar bond, also at plus 30bp. Is the appeal of the big borrowers wearing thin despite the generous spreads on offer? Read this week’s EuroWeek to get market opinions.

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