Dollar SSAs find fertile ground at short end

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By Lewis McLellan
07 Nov 2019

A pair of public sector borrowers hit the dollar market this week, pulling off strong deals at three and five years. Both enjoyed a clear field as euro-based borrowers stuck to their home currency thanks to an unpalatable basis swap rate.

“There’s very little reason for eurozone borrowers to look at the dollar market just now,” said an SSA syndicate banker. “The fact is that the basis swap has not been very favourable — it’s 10bp tighter since the middle of September — so it’s just a tough sell.”

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