The dam broke for SSA dollar issuance last week, and a trio of issuers that crowded into the short end uncovered healthy demand. KFW's US$4bn two-year SEC-registered Global was swamped with orders of nearly US$6bn, helping to shift the spread tighter by a notch. "KfW was a smashing trade," said a banker off the deal. "It offers a decent spread versus US Treasuries, even though they didn't leave the largest premium on the table."
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