KfW tests short end as ADB goes long in dollars

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By Lewis McLellan
24 Feb 2021

Two top tier SSA borrowers hit opposite ends of the curve on Wednesday. Asian Development Bank launched a trade at the 10 year tenor, braving a sharp sell-off in US Treasuries. KfW appeared at the short end of the curve where only a handful of borrowers have printed this year.

Asian Development Bank hit the long end of the curve, selecting JP Morgan, Nomura, RBC Capital Markets and TD Securities to run the book for a 10 year global. The order book opened with guidance in line with initial price thoughts of mid-swaps plus ...

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