Dollars ‘rock solid’ as NWB tightens in secondary

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By Craig McGlashan
19 Nov 2018

The SSA dollar market’s resilience in the face of a series of potential headwinds was standing firm this week, with Netherlands Waterschapsbank’s benchmark from late last week tightening while bonds in the euro sector widened.

NWB’s no-grow $1bn three year Reg S/144A was priced by leads Daiwa Capital Markets, Morgan Stanley and TD Securitieson November 15 at 6bp over mid-swaps. That was in line with fair value, according to the borrower, but by Monday it had moved a ...

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