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Issuer prices record dollar deal while also working on series of Amazonia bonds; first issuance could come this year
◆ Premium paid ◆ More market-makers required ◆ Buy-and-hold investors prevent scalability
◆ Big order book comes after lull in 10 year issuance ◆ Investors chase scarcity and yield ◆ De-dollarisation could 'still be true'
◆ Dealer inventories hinted at demand ◆ IFC takes different approach from IBRD ◆ Deeper dollar swap spreads make issuers eye sterling
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Some market participants saw just 1bp of new issue premium in the deal -
Borrowers benefit from scarcity value and lack of competing supply
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Fair value is seen around high-20bp with more than 10bp of pick-up versus KfW
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‘Difficult to argue against this trade’, said one lead
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Signs of indigestion in the market after record buying from investors
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German issuer is also monitoring issuing conditions in dollars and smaller markets such as Kangaroo
