EIB flies through tough dollar test
The European Investment Bank has issued its largest ever five year dollar bond — $3.5bn priced at mid-swaps plus 85bp. The five year sector has been difficult for months — only $6bn of issuance so far this year — but, by paying an appropriate price, EIB gained the necessary traction. Cades is taking the more defensive route, announcing a two year dollar bond at plus 45bp.
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