Last week the Inter-American Development Bank (IADB) swapped a $1bn three year global to floating dollars at a level thought to be around Libor less 10bp. This week, it was a different story as it was able to add ¥150m to its 1.9% notes due 2009 and secure a negative interest rate. The notes were underwritten by JP Morgan and Morgan Stanley Dean Witter and priced flat to the 1.4% June 2009 JGB, which at the time yielded about 1.71%. Fees added 3bp. Swap bids were 2.12% indicating Libor less 38bp.
October 08, 1999
