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KfW had to keep books open for longer than it is used to when selling a three year dollar benchmark on Tuesday, but it still impressed bankers by getting the trade away at a tight level. Viewed as a deal breaker for other issuers to come in dollars this week, KfW’s success meant that more trades could join FMS Wertmanagement, which mandated banks for a two year deal on Tuesday afternoon.
ESM breaks new ground with zero coupon benchmark Publish date | 21 October 2014
The European Stability Mechanism took a novel approach to the sale of its shortest dated bond to date on Tuesday, printing a two year deal with what is understood to be the first ever 0% coupon on a benchmark from a supranational or agency. Agence Française de Développement is set to mimic the ESM’s tenor on Wednesday, after mandating banks for a long two year on Tuesday afternoon.
Investors mob long Quebec Swiss deal Publish date | 21 October 2014
Swiss franc investors snapped up a long dated Quebec issue on Tuesday, following a shift in demand toward 10 year paper.
|Rank||Lead manager||Amount $m||No of deals||Share %|
|10||Bank of America Merrill Lynch||39,648||133||3.47|