EUROS

摘要

SSA bankers were on Tuesday trying to make sense of Erste Abwicklungsanstalt's strong success in selling a new euro benchmark deal at a negative yield - though it was back in positive territory by the end of the week after an underwhelming ECB announcement. The German bad bank, rated Aa1/AA-/AAA, on Monday priced a €1.5bn 0% December 2018 note at 5bp through mid-swaps. On a spread basis, the deal was entirely unremarkable, pricing at a reasonable pick-up over peers such as the German State of North Rhine-Westphalia. Indeed, some Germany-guaranteed agencies have been trading at mid-swaps less 20bp in this part of the curve. But the reoffer yield of-0.11% left some bankers shaking their heads.