BMO Capital Markets
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CPPIB Capital hit screens on Wednesday for a 10 year benchmark, confident that there is demand at that tenor despite a recent rush of similar deals. -
Higher rates and execution certainty in the dollar bond market have given investors something to get excited about, with supply from financials in the currency outstripping that in euros so far this year.
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Two supranationals are set to hit the market for their first dollar benchmarks of 2021 on Wednesday.
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The run-off for the final two seats in the US Senate was nearing its close on Wednesday and it looks likely that Democrats will secure both, granting the party a majority in both houses of Congress. The race has caused a spike in US Treasury yields, lending Wednesday’s SSA borrowers a big boost.
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World Bank sold a Canadian dollar benchmark on Tuesday, raising C$1.5bn ($1.2bn) with a January 2026 line.
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KfW and Swedish Export Credit Corporation (SEK) achieved strong results in sterling on Tuesday despite extremely volatile conditions in the currency as a result of uncertainty around the impact of Brexit and the rising cases of coronavirus in the UK, which has affected swap spreads and the cross-currency basis swap for non-UK borrowers.
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The dollar SSA market leapt into action on Tuesday with an impressive deal from the European Investment Bank. Two more are set to follow on Wednesday, including a 10 year benchmark.
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Kommunalbanken, the financing agency for Norwegian municipalities, and L–Bank, the development bank for the State of Baden–Württemberg, built well covered order books as they brought what will likely be the SSA market’s final dollar benchmark deals of 2020.
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Kommunalbanken and L-Bank will each bring a dollar benchmark to the market on Tuesday, in what could be the final public SSA deals in the currency this year.
