Finland and Cades stand out in SSA dollar frenzy

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By Burhan Khadbai, Frank Jackman
14 May 2020

Public sector borrowers piled into dollars across the curve this week, with every issuer finding plenty of demand. But it was trades from Finland and Cades which stood out with aggressive price tightening and chunky order books as they made their long-awaited returns to the currency.

On Wednesday, Finland raised $1.5bn with a 0.875% May 2030 syndication at a spread of mid-swaps plus 30bp — 5bp inside of initial price thoughts — with a $4.6bn order book. Barclays, Bank of America, HSBC and Société Générale ran the deal.

The strong demand allowed Finland to increase the ...

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