SSAs look set for another short-dated dollar spree

05 May 2011

A pair of notably successful new issues have primed the sovereign, supranational and agency sector for a further raft of short-dated dollar bonds next week. In contrast to their struggles in the euro market (see separate story), top European triple-As are poised to follow the Province of Ontario and Council of Europe Development Bank’s lead, bankers report — provided Friday’s non-farm payroll data does not weaken demand.

Nederlandse Waterschapsbank should be in the market with its inaugural 144A transaction, probably a $1bn three year. Bank of America Merrill Lynch will lead the deal with another US house and a European firm, EuroWeek understands. Bankers expect pricing to be in the region of 25bp-30bp over mid-swaps.Municipality ...

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