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European Stability brings debut dollar-denominated bond; CPPIB prices; Boral prints
By Cristal Cody
Tupelo, Miss., Oct. 24 – The European Stability Mechanism priced a debut $3 billion offering of five-year notes on Tuesday.
“I am very happy with the successful launch of the ESM’s first-ever dollar-denominated bond after more than a year of preparations,” Kalin Anev Janse, ESM secretary general and member of the management board responsible for funding, asset liability management and lending, said in a news release.
“Issuing bonds in dollars will allow us to broaden our investor base and spread our funding liquidity risk across the euro and dollar markets,” Janse said.
The European Stability Mechanism intends to have a regular presence in the dollar market, with a minimum of one to two benchmark deals each year.
In other SSA issuance, CPPIB Capital Inc. priced $1 billion of 10-year medium-term notes in a Rule 144A and Regulation S offering.
In corporate supply, Boral Ltd. placed a $950 million Rule 144A and Regulation S offering of notes in two tranches.
Also, the Federation des caisses Desjardins du Quebec and Goldman Sachs Group, Inc. were expected in the primary market on Tuesday.
Citigroup Inc. was in the primary market on Monday with a $4.4 billion three-part offering of notes.
The Markit CDX North American Investment Grade 29 index closed mostly unchanged at a spread of 53 basis points.
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