Americas
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After a bumper two weeks, issuance in dollars slowed down this week in anticipation of the Federal Open Market Committee’s meeting on April 26-27.
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Credit markets reacted positively after Brazil’s congress voted in favour of impeaching president Dilma Rousseff on Sunday. -
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.
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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.
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A pair of rare SSA names kept Kangaroo and Kauri bond supply ticking over this week, as Asian investor appetite drove demand.
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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.
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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.
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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.
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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.
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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.
