Dollar issuers in the primary public sector bond market are paying some of their tightest ever spreads over US Treasuries, and investors say this is unlikely to change anytime soon as a “wall” of money floods into the market.
The World Bank printed a $4bn three year bond on Tuesday that came at a yield of 2.249% yield – equal to 5.3bp over the 2.125% May 2022 US Treasury. This was the tightest spread to Treasuries in the SSA market since 2012, according to leads and among
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