BMO Capital Markets

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.

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.

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

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.

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.

The Province of Ontario is readying for a tap its 2025 Canadian dollar denominated green bond for the second time this year.

A pair of public sector borrowers hit the dollar market this week, pulling off strong deals at three and five years. Both enjoyed a clear field as euro-based borrowers stuck to their home currency thanks to an unpalatable basis swap rate.

The Province of Alberta came to market on Tuesday for a five year dollar global bond, paving the way for the Swedish Export Credit Corporation (SEK), which announced that it will hit the three year bucket on Wednesday.

The Province of Alberta has announced a five year dollar benchmark, hitting screens with initial price thoughts for the borrower's second dollar benchmark of 2019.

KfW was the only public sector borrower to sell a new issue in the primary syndicated bond market this week, as it raised $1bn with an intra-day trade ahead of the US Federal Reserve cut rates for a third time this year.

KfW was the only public sector borrower in the primary market on Monday, raising $1bn with a March 2021 intra-day trade which was priced with the same coupon as the World Bank’s 10 year dollar deal earlier this month.

Corporate, FIG and SSA issuers placed floating rate notes this week, pegged to Euribor, Sonia and Libor. With so many issuers coming to market, bankers are interested to see which other borrowers 'take advantage of the liquidity'.