EAA ‘prices through curve’ with first benchmark of 2019

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By Craig McGlashan
26 Feb 2019

Erste Abwicklungsanstalt (EAA)’s decision to forego the price discovery process on its first benchmark of 2019 paid off, as the issuer printed more than its original target for the dollar deal on Tuesday at a level that some SSA bankers away from the deal said may have been slightly through its secondary curve.

The deal was already performing shortly after pricing early on Tuesday afternoon, with one of the leads having it bid around half a basis point tighter just over an hour later. 

The execution process for the $1.25bn three year Reg S benchmark was also swift, with books open officially ...

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