Dollars keeps centre stage in SSA primary

By Burhan Khadbai, Lewis McLellan
21 May 2020

Dollars was the favoured currency for public sector borrowers for the second week running this week, giving attractive funding conditions for euro borrowers amid strong investor demand, particularly in the 10 year part of the curve.

Belgium sold the stand-out dollar deal from a euro SSA borrower with its first dollar bond since September 2017 as it raised $1.5bn — an increase from an initial target size of $1bn — at a spread of mid-swaps plus 36bp, 1bp inside of initial price thoughts.

The ...

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