Dollar market providing superb execution at short end

dollars FA 230
By Lewis McLellan
19 Oct 2017

Investors in public sector dollar deals have found themselves forced to accept brutally tight pricing as issuers drive in spreads to round off their funding programmes.

The Caisse d’Amortissement de la Dette Sociale (Cades) was able to print $3bn of September 2019 paper, offering only 3bp over mid-swaps. For context, Cades’ last dollar benchmark, a $2.25bn three year note sold in January, was launched at 25bp over mid-swaps.

With the spread to US Treasuries ...

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