KfW and CPPIB break spread barriers in red hot dollar short end

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By Burhan Khadbai
08 Apr 2021

KfW and CPPIB Capital achieved super tight pricings in the short end of the US dollar market on Thursday, with the former bringing the first deal with a negative spread to mid-swaps in the currency by a public sector borrower this year.

KfW printed $5bn with an extremely rare two year dollar benchmark at mid-swaps minus 2bp, after starting with initial price thoughts of flat to mid-swaps on Wednesday. The books closed at over $11.6bn. Barclays, Citi and TD Securities were the leads. The bond was priced ...

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