Agence Francaise de developpement ventured out in US dollars last week, but investors demanded a chunky premium after swap spreads moved sharply upwards. AFD printed a US$1bn no-grow 1.375% August 2019 Reg S deal on Tuesday at 35bp over mid-swaps, in line with guidance of plus 35bp and initial price thoughts of mid-30s. The lead put the new-issue premium at 7bp, although IFR calculations using pre-mandate levels on the outstandings suggested it was well over 10bp. "The premium is quite high as a headline figure," said the lead. "But it's difficult to formulate it, because swap spreads completely ballooned [last] week."
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机译：法新社（Agence Francaise de development）上周以美元冒险，但在掉期利差急剧上升之后，投资者要求获得丰厚的溢价。 AFD周二在2019年8月发行了10亿美元的不增长1.375％的Reg S交易，较中期掉期高出35个基点，符合加息35个基点和30年代中期初始价格想法的指导。领头羊将新债券溢价定在7个基点，尽管使用授权前水平对未偿还债务的IFR计算表明，该溢价已远远超过10个基点。主管说：“作为标题，溢价很高。” “但是很难制定，因为掉期价差在上周完全膨胀了。”
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