Cades hits five year sweet spot with €2.5bn

28 Mar 2013

Cades printed its first five year euro benchmark since February 2011 this week, a €2.5bn 1% May 2018 transaction priced at 17bp over mid-swaps or 17.1bp over the May 2018 OAT.

The choice of tenor was designed to take advantage of the strong demand from central banks and bank treasuries for high quality five year assets and to fill a 2018 gap in Cades’s redemption profile.

But many said the size outcome was slightly disappointing despite the deal being attractively ...

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