Credit frenzy intensifies as issuers carve through curves

16 Mar 2012

The new issue premium, a fixture of Europe’s bond market for the best part of a year, was trampled underfoot this week as deal after deal from corporate and public sector borrowers priced flat to, or even through, issuers’ secondary curves.

Bank Nederlandse Gemeenten launched its biggest ever dollar bond, got its biggest book and priced inside its curve. In euros, KfW and even Spain’s Ico came tighter than secondaries. Asian Development Bank got the tightest seven year print to mid-swaps for an SSA since 2008.

For corporate issuers, conditions ...

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