EBRD falls short in sevens

The European Bank for Reconstruction and Development on Thursday became the second supranational this week to print a benchmark in the seven year maturity. EBRD printed $1bn at the same level at which Asian Development Bank sold a $2.25bn February 2022 two days earlier, but the EBRD’s deal fell shy of full subscription, which bankers on and off the deal attributed to heavy supply in the maturity over the past 10 days — although some away from the mandate said the pricing was aggressive.