Inter-american development bank was unable last week to fully sell its smallest benchmark US dollar bond in over two years, a sign that investors are intolerant of deals that do not have the right tenor and pricing levels. The Washington-based institution on Tuesday swiftly announced a four-year benchmark after a successful US$4bn five-year deal from fellow Triple A rated supranational EIB. Unlike EIB, however, which offered a healthy concession, IDB began marketing fairly flat to its curve at swaps plus 12bp area.
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