Rentenbank and the Inter-American Development Bank both sold Kangaroo debt on Wednesday, with Renten pricing long 10 year bonds and IADB choosing to sell five year debt. Both deals hit their minimum targets, but were unable to grow beyond that level with many investors waiting on the sidelines ahead of an anticipated increase in yields.
“Issuers are being pragmatic about their minimum deal sizes,” said one niche currency syndicate banker. “There just isn’t the depth of demand that we had in the first or second quarters, with some accounts holding back in anticipation of yield curves steepening following a reduction in the Fed’s
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