Thin SSA supply in strong market
The success of a Kingdom of Denmark $3.5bn three year deal this week reflects the strength of the dollar market where spreads continue to grind tighter as two to five year supply dries up. But there is little anticipation of further SSA issuance this week as Asian holidays and US employment data keep issuers at bay — at least until next week. The euro market is similarly well bid but has not hosted any SSA supply at all, though KfW and SFEF are expected to make appearances next week and Cyprus has mandated BNP Paribas, Royal Bank of Scotland and Société Générale. Elsewhere, IFFIm will this week price a five year sterling institutional bond, of around £200m, alongside its retail targeted UK ISA deal. Read EuroWeek on Friday for coverage of the week’s deals and for what’s in store next week
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