Supranational and agency borrowers are set to harvest a ripe dollar investor base rich with cash in the autumn. Although tight spreads and low yields will make conditions tough for the very best credits in shorter dates, duration and cheaper names should be able to take advantage of some very hungry investors.
Bankers tipped the Inter-American Development Bank to return with a seven year deal in the near future. One head of SSA syndicate put the re-offer level at mid-swaps flat. That would equate to a spread over US Treasuries in the high teens, which he felt would be sufficient
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