BMO Capital Markets
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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. -
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.
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Italy returned to the private placement market to print one of the year’s largest MTNs on Thursday. The deal stood out this week, since issuance in the market has started to wind down ahead of Christmas.
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Nederlandse Waterschapsbank and Kommuninvest will both take to the dollar market this week, sneaking in ahead of the Thanksgiving holidays.
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Bank Nederlandse Gemeenten concluded its benchmark funding programme for the year on Tuesday with a dollar sustainability bond that garnered the issuer's bigger ever order book in the currency.
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Dollars was the flavour of the day for public sector borrowers on Tuesday as three issuers headed to the currency, raising a combined $12bn. Two more SSAs will follow with dollar deals on Wednesday.
