Unedic sparkles in euros as dollar market dims

25 Nov 2009

The dollar market may be coming to a halt for sovereign, supranational and agency borrowers in 2009 but the euro sector is very much alive this week with oversubscribed deals on the table for three issuers. KfW sold a seven year, capped at Eu3bn and priced at plus 10bp, the Province of Ontario a Eu1.75bn 10 year at plus 55bp and Unedic a Eu4bn three year at plus 5bp. All were priced at the tight end of guidance. Investors are clearly still happy to put money to work in the higher yielding euro market so will such enthusiastic buying persuade other issuers to step out this year rather than wait until January? Read EuroWeek on Friday to find out — and for coverage of these three trades.

Jo Richards +44 20 7779 7315

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