BNG jumps on 10 year dollar bandwagon to seek out duration

By Burhan Khadbai
28 May 2020

Bank Nederlandse Gementeen (BNG) this week became the latest public sector borrower to hit the 10 year part of the dollar curve with its first such trade since 2016. While demand seems to be starting to slow down for 10 year dollar bonds, SSA bankers say there is still room for more issuers to follow.

On Wednesday, BNG raised $1.25bn with a 1% June 2030 bond at a spread of mid-swaps plus 41bp, 2bp inside of initial price thoughts, with a book of over $2bn. BNP Paribas, Citi, Morgan Stanley and RBC Capital Markets were the leads.

“We are ...

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