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When Standard & Poor’s reaffirmed the triple-A rating of the European Union’s Luxembourg-based development bank, the European Investment Bank, on January 17, the central bank reserve managers that supported its $3 billion five-year benchmark bond just one day earlier breathed a sigh of relief. Not before, however, they had extracted a new-issue premium of 70 basis points over mid-swaps, close to historical highs for a borrower that had paid swaps plus 15bp the same time last year.
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