BMO Capital Markets
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The dollar SSA bond market, unfettered by geopolitical volatility, enjoyed an excellent week, although it is still lagging behind the euro market in terms of overall supply. -
KfW and Canada both launched dollar benchmarks on Wednesday, bringing a pair of highly subscribed and tight deals. Following their success, two Asian SSA issuers prepare to join the busy dollar market.
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KfW picked banks on Monday to lead the dollar market's first three year SSA deal of the year, while infrequent issuer Canada is looking to ride the recent wave of five year dollar supply after appointing banks to lead a new benchmark deal.
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A pair of supranationals opened the Maple market with sustainability bonds this week. The Canadian green market is “going through a growth phase” as more and more domestic investors show interest in the product, according to bankers.
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Two dollar benchmarks hit screens on Wednesday. While the issuers achieved good results, the volatility caused by Iran’s missile strike on US bases meant that the deals met with less hungry investors.
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Some of the SSA market's biggest names are already out for chunky dollar benchmarks, getting off the mark quickly in spite of some sharp moves in swap spreads. Most deals have gone well, but not everything has been a smooth ride.
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The World Bank hit screens on Monday with a mandate for a new five year sustainable development Maple bond — its first public Canadian dollar issue since September.
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For public sector issuers, niche currency deals have offered attractive opportunities for arbitrage funding, with spreads into euros and dollars spurring on demand this year. Meanwhile, strong investor appetite for green paper has seen niche shoots blossom throughout 2019. Frank Jackman reports
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The Province of Ontario is keeping a close eye on foreign markets as it considers whether to follow Wednesday’s Canadian dollar green bond with a foreign currency issue.
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The Province of Ontario hit screens on Tuesday afternoon with initial price thoughts for a C$750m no-grow tap of the February 2025 bonds.
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The Province of Ontario is readying for a tap its 2025 Canadian dollar denominated green bond for the second time this year.
