Americas

Covered bond activity slowed this week with only three deals emerging, half the number seen in the prior week, with Canadian issuers at the fore.

Bankers are predicting more than $100bn of corporate supply in the coming weeks as US corporates emerge from earnings blackouts to exploit near-perfect funding conditions ahead of an expected spike in volatility.

A pair of rare SSA names kept Kangaroo and Kauri bond supply ticking over this week, as Asian investor appetite drove demand.

Banco Nacional de Costa Rica’s decision to wait for Argentina’s gigantic bond comeback to be priced was proven to be wise on Wednesday as it notched a 5.5 times oversubscribed green bond.

All four tranches of Argentina’s new bonds outperformed on Wednesday as momentum from the huge order book the borrower build in the primary market spilled into secondary.

The Province of Ontario on Wednesday became the second Canadian issuer to print a 10 year dollar benchmark this month, adding to a recovery in issuance at that part of the curve.

Bank of Nova Scotia (BNS) has issued the largest legislative US dollar denominated covered bond at a considerably tighter spread than the previous two transactions and with a minimal new issue concession.

Manulife Financial is set to kick off bookbuilding for its Singapore-bound $500m real estate investment trust (Reit) IPO next week, if feedback from investor education is positive.

An increase in swap spreads at the short end of the curve drove public sector issuers to focus their attention on shorter maturities in the dollar market this week.

Toronto Dominion Bank attracted the highest oversubscription level of any Canadian deal issued in euros this year even though it was its fourth foray into the covered bond market in 2016.

With all the panache of a world-class tango dancer or left-footed football superstar Argentina stole the show in bond markets this week with the largest ever order book and largest ever issue size for an EM credit.

Chinese metals exchange operator Yintech Investment Holdings has opened books for its US IPO that could raise $109m, a source with knowledge of the deal told GlobalCapital Asia.