The European Investment Bank and Nordic Investment Bank kept the strong momentum going in the SSA euro bond market on Wednesday, capitalising on the European Central Bank’s announcement of fresh stimulus last week and a lack of issuance over the summer. However, Joint Laender's deal was only just oversubscribed, which the leads attributed to investors’ hesitance to buy a negative yielding 10 year bond from a less liquid name.
EIB issued a €3bn October 2034 with a spread of mid-swaps minus 9bp, via Crédit Agricole, JP Morgan, Morgan Stanley and Natixis.
Following the mandate announcement on Tuesday, the leads opened the books on Wednesday morning with guidance of mid-swaps minus 4bp area.
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