BMO Capital Markets

Caisse d’Amortissement de la Dette Sociale (Cades) and the International Development Association set new size records this week, with the former bringing the biggest ever social bond in dollars and the latter issuing its biggest ever bond since entering the capital markets in 2018.

French agency Cades and the International Development Association returned to the dollar market for the first time since the summer break on Tuesday to bring a pair of five year socially responsible deals.

French agency Cades will debut its social bond framework in dollars on Tuesday, less than a week after it raised the largest ever bond in the format with its inaugural issue in euros. It will share the market with the International Development Association (IDA), which is preparing to kick off its 2020/21 funding year with a sustainable development benchmark of its own.

The New Development Bank has appointed the syndicate to lead its second dollar benchmark, the proceeds of which will fund its coronavirus response.

The dollar corporate bond market skipped the summer slowdown this year. This week Royalty Pharma issued its first bond as a public company and pushed August's total issuance above $100bn for the first time ever.

The Inter-American Development Bank (IADB) broke the silence in the SSA market with a Canadian dollar sustainable development bond. The deal shared the market with a dollar trade from Kommuninvest, with both issuers steering clear of the almost dormant euro market.

Inter-American Development Bank will come to market for a Canadian dollar sustainable development bond on Thursday. The trade will share the market with a two year from Kommuninvest.

Swedish Export Credit Corporation kept the public sector new issues market open on Thursday as it came with an opportunistic four year dollar trade on the back of a strong week for dollar borrowers.

The European Stability Mechanism is likely to use its funding window scheduled for next week to issue a dollar benchmark, according to SSA bankers.

CPPIB Capital mandated banks on Friday for its third dollar benchmark this year as it looks to jump on the back of a strong reception for Canadian and Japanese borrowers in the currency this week.

Rating: Aa1/AA/AAA

The Inter-American Investment Corporation (IDB Invest) received its biggest ever order book as it came to the market this week for its latest Covid-19 response bond. The strong demand allowed the issuer to comfortably print its joint-biggest deal flat to fair value.