Australian dollar

IDB Invest, the private sector arm of the Inter-American Development Bank, made its debut in the Australian dollar market on Wednesday, raising A$400m ($303.2m) with a social bond.

A pair of globally systematically important banks (G-SIBs) made rare visits to niche bond markets to raise senior debt at a group level this week, including a Canadian dollar market that is enjoying its busiest year for offshore financials since 2007.

CPPIB Capital came to market on Tuesday for a green benchmark in Australian dollars, its first syndication in the currency.

HSBC raised A$500m ($388m) on its return to the Australian dollar bond market on Thursday, securing a "fantastic" result by offering a pick-up over local bank bonds.

Barclays returned to the Kangaroo bond market this week after being absent for two years to raise A$600m across three tranches of holding company debt. The market was split over which tranche offered the most value in pricing.

Barclays is set to end a two year absence from the Kangaroo bond market this week, as it seeks up to three tranches of callable senior debt.

Bank of China sold one of its high-profile multi-currency, multi-tranche bond deals on Wednesday. The trade, which spanned five of the bank's global branches, raised a combined $2.35bn.

Demand for BPCE's latest Kangaroo note was skewed towards the preferred senior format this week, with non-preferred paper only making up A$125m ($96.0m) of the A$750m deal. The French firm was also joined in the market by Rabobank, which sold its first Aussie deal after an almost two year absence.

BPCE and Rabobank are in the market for Aussie dollar senior paper, with bankers expecting a busy April as a slew of financial issuers refinance maturing bonds.

A trio of SSAs brought SRI themed Kangaroo bonds to market this week, enjoying a recent bout of tranquillity following the Reserve Bank of Australia’s intervention.

Verizon Communications, the US telecoms group, embarked on an almost $3bn niche currency bond issuing spree this week, which included the largest foreign Swiss franc bond since early 2018.

The sell-off in government bond markets around the world has taken a steep toll on the Australian market too, effectively wiping out the last few weeks of issuance before Japan — a key investor base for the currency — downs tools ahead of fiscal year end.