Dollar delight as swap spread moves and volatility brushed off

US dollar_decision_230px_Fotolia
By Craig McGlashan
11 May 2017

Volatility late in the week failed to dampen a scorching few days of public sector dollar issuance, auguring well for more expected supply in the currency next week. Four issuers — some of which came this week to avoid other trades pencilled in for next week — were able to price deals at tight levels, with some coming through their curves.

“Everyone agrees spreads have tightened — some investors thought they could buy when spreads blow out again, but it means they’ve missed the rally,” said a head of SSA DCM. “Investors have capitulated. Issuers can do whatever they want.”

The lack of dollar trades over the last few ...

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