Americas
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The Province of Ontario came to market for a rare sterling floater on Wednesday, sharing the UK currency market with a European Investment Bank deal. -
An announcement that the US Treasury is contemplating extending its curve to 50, or even 100 years has pushed up long end yields.
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Brazilian government-owned development bank BNDES sold a long-awaited green bond on Tuesday, achieving tight pricing that bankers put down more to a lack of supply from Brazil’s quasi-sovereign issuers than the green aspect of the deal.
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Bond investors revelled in the extra eighth of a point in yield they earned on Friday after the threat of a workers’ strike at one of Votorantim Metais’ smelters led the company to delay pricing its debut bond and hike pricing.
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Argentine state oil company YPF is set to provide arguably the biggest test yet of investor demand for Argentine peso-denominated paper.
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Brazilian development bank BNDES surprised some bond market bankers by opting not to issue its first ever green bond the day after its roadshow ended. But conditions appear ripe for the deal when it does arrive.
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Guatemalan electricity distributor Energuate’s heavily oversubscribed debut bond closed two points above reoffer on the day of pricing to cap a hectic week in Latin American new issue markets.
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Investors got some long awaited supply and poured money into new issues this week as the US investment grade market sprang back into life following earnings blackouts.
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The revival of sterling bond issuance powered ahead on Thursday, as Procter & Gamble brought a £750m deal that one banker said was “as rare as Halley’s Comet”. That coincided with a £1bn covered bond from Santander and a £400m debut from Martlet Homes.
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Emmanuel Macron’s topping of the first round of the French presidential election last weekend drove the best euro funding conditions for months. Public sector borrowers duly piled into the primary market. With more political risk ahead, many are racing to be 75% done for the year by summer, writes Craig McGlashan.
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The dollar market has enjoyed yet another strong week, with one issuer breaking its size record and another pair matching their own. SSA bankers are readying themselves for a busy May in the currency. But despite issuers keen to push out the curve, it looks like 10 year benchmarks are off the table.
