BMO Capital Markets
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The Province of Alberta hit the market for a 10 year deal, raising $2bn and impressing onlookers with a solid order book. Its peer Quebec will follow up on Thursday with a five year. But despite Alberta's success, further supply at the tenor may be limited.
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The Inter-American Investment Corporation (IDB Invest) raised $1bn with a three year bond on Tuesday, while the Japan International Cooperation Agency tested the water with a 10 year dollar transaction, opening up an opportunity for the Province of Alberta to follow suit. -
Following investor calls last Friday, two public sector borrowers hit the market for new dollar bonds on Monday, with IDB Invest going for a three year maturity and the Japan International Cooperation Agency making a rare appearance for a 10 year trade.
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Investors piled into KfW’s first dollar benchmark in six months on Tuesday, allowing the issuer to break the order book record for SSA dollar benchmarks.
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KfW mandated banks on Monday for a highly anticipated return to the dollar market following its previous benchmark in the currency back in January. The German agency will be joined in dollars by the Asian Development Bank, which is preparing a three year trade.
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The European Bank for Reconstruction and Development raised some eyebrows with an aggressive spread for its three year dollar benchmark, but the issuer was able to pull in enough demand to print $500m more than anticipated.
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The European Bank for Reconstruction and Development (EBRD) hit screens with a $1bn three year on Monday.
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Three SSA borrowers hit the dollar market on Tuesday. The Inter-American Development Bank raised $4bn with a five year while Kommunalbanken tested the waters at 10 years. The World Bank joined them with a small but impressive bond linked to Sofr.
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Kommunalbanken is looking to take advantage of the hot demand in the long end of the dollar curve, while the Inter-American Development Bank has chosen a more common maturity in the belly of the curve.
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The European Investment Bank raised $5bn with a three year global benchmark on Tuesday, setting the stage for fellow SSA borrowers to tap the dollar market later in the week.
