BMO Capital Markets
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A trio of Wall Street heavyweights tapped the dollar market in size this week, with investors pouring cash into new deals. -
IDB Invest, the private sector arm of the Inter-American Development Bank, took advantage of the strong momentum in the dollar public sector bond market to sell its biggest ever trade on Thursday.
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Two supranationals will take to the market on Thursday to raise money for their socially responsible investment programmes. Inter-American Investment Corporation will raise dollars for its Covid-19 response bond, while Nordic Investment Bank is coming to market for a euro environmental bond. The transactions will share the market with Bank of England’s annual dollar deal.
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The World Bank's treasury team has had a busy week, raising almost $15bn in three days, including the largest ever SSA dollar benchmark on Wednesday.
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World Bank made the most of the recovery in market conditions to print the largest ever SSA dollar benchmark on Wednesday, raising $8bn.
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The World Bank made a swift return to the market on Tuesday as it prepares to sell a five year global sustainable development bond after updating investors on its plans to tackle the impact of the Covid-19 pandemic.
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BMO Capital Markets lead managed its first ever sterling public sector bond issue this week, with an under the radar tap for Rentenbank.
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Infrequent issuers are slowly returning to the Swiss franc market. During the past week, Eurofima brought its first Swissies deal in six years, while biotech firm Lonza printed its first bond in any currency since 2017.
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L-Bank mandated banks on Wednesday for a second attempt at a two year dollar benchmark after it had to pull a deal in the same currency and maturity two weeks ago following a lack of demand. This time, it has opted for a more conventional approach of a traditional syndication and will follow a string of well received trades in the short end of the dollar curve.
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The dollar market had looked sluggish, particularly in comparison to the volumes churned out in euros, but Tuesday's $4.5bn two year from Asian Development Bank indicates the market is back in working order.
