EBRD goes for aggressive spread for dollar three year

By Lewis McLellan
30 Jun 2020

The European Bank for Reconstruction and Development raised some eyebrows with an aggressive spread for its three year dollar benchmark, but the issuer was able to pull in enough demand to print $500m more than anticipated.

EBRD’s leads — BMO Capital Markets, Citi, HSBC and Morgan Stanley — hit screens with initial price thoughts of 7bp area over mid-swaps for a transaction expected to be $1bn in size.

They gathered $775m of indications of interest and opened books with the spread fixed in line ...

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