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Secondary market selling of private bonds may be wreaking havoc with the primary market for public debt but the trades were still the right thing to do
Sovereign's $3bn deal tightens well as Asian demand returns
The sovereign's public and private bonds of similar maturities are trading over 25bp apart
Data
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US Treasury yields have jumped in the past week
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Kevin Warsh's speech at Jackson Hole has pushed up borrowing costs for dollar issuers
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◆ Three year creates another point on curve ◆ €750m was target, Leumi’s deputy CEO said ◆ Strong market reopening after summer lull gave confidence
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A double digit premium to the dollar curve lured in overseas buyers, who took a 'large chunk' of the bonds
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Investors have lots of cash and are eager for new issuance
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Investors are keen for new bonds and better rated borrowers may not want to issue in numbers
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