Renten grabs dollar fives in US election week as basis moves in favour

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By Craig McGlashan
08 Nov 2018

After a year during which euro issuance from SSAs has far outstripped that in dollars, thanks to the vagaries of the euro/dollar basis swap, a German agency was able to nip in to a funding week shortened by US elections and central bank meetings to score a strong result with its sole dollar benchmark of the year.

Rentenbank priced a $1.25bn five year global at 5bp over mid-swaps from a book of over $1.75bn on Tuesday. Leads HSBCRBC Capital MarketsSociété Générale and TD Securities had opened up on Tuesday morning with guidance of 6bp area, after Monday’s price thoughts — also of 6bp area ...

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