Short-end demand drives tight dollar pricing

African Development Bank and KfW have issued two year dollar bonds at impressive prices this week. They issued $1bn apiece, priced 5bp to 6bp through their secondary curves, as investors seek current coupon bonds at the short end of the curve. Now Cades is in the market with a three year to be priced at plus 2bp, again around 5bp through secondaries. At the other end of the maturity spectrum, European Investment Bank has issued a $1bn seven year at mid-swaps plus 12.5bp, which EuroWeek understands was not fully subscribed. For further analysis, read EuroWeek on Friday