BMO Capital Markets
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Bank of Montreal offered dollar investors a very rare chance to buy Canadian additional tier one paper this week, having spied an opening for a tightly priced deal. -
NRW.Bank had the dollar market to itself this week, and issuance is expected to continue trickling next week with Ontario Teachers’ Finance Trust poised with a trade.
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NRW.Bank is taking indications of interest on a five year benchmark trade, though syndicate bankers still expect there to be a fizzle rather than a bang of SSA dollar issuance this week.
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A trio of supranational and agency names headed out into niche currencies this week, as other SSA names say non-core currencies will be their focus for the rest of the year.
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L-Bank issued its biggest single bond in dollars this week while the Inter-American Development Bank (IADB) printed its first ever dual tranche trade in the currency. But some market participants warned that the good times at the short end of the dollar curve might be coming to an end.
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World Bank hit the Canadian dollar market on Wednesday to begin its 2019/20 benchmark funding programme. It followed the European Investment Bank and KfW which have also been active in non-core currencies this week.
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SSA names found the going varied in dollars on Tuesday, with the Inter-American Development Bank only just covering the minimum size of its tightly priced short end trade while Land NRW and L-Bank saw chunkier demand.
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A trio of issuers burst into the sovereign, supranational and agency dollar market on Monday, as syndicate officials say they have been pleasantly surprised by how quickly the sector bounced back after a tricky period.
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The Bank of Montreal followed Toronto Dominion’s lead on Wednesday to join the Canadian bail-inable Kangaroo frenzy, placing A$750m of five year debt.
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Last week’s tightly priced bond issue by KfW has inspired a slew of issuers to print three year dollar notes this week. The Asian Development Bank was first off the blocks on Tuesday with a new benchmark, while a tight Export Development Canada trade followed the next day.
