BMO Capital Markets
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World Bank raised $4.5bn of five year bonds on Tuesday with its first dollar benchmark of the year. Municipality Finance (MuniFin) joined it at the tenor a day later, but this is widely expected to be SSA issuers’ last hurrah in the currency for a few weeks.
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Municipality Finance (Muni Fin) printed a $1bn no-grow short five year bond on Wednesday, joining World Bank at the tenor in a dollar market that bankers said has offered something for everyone this week. -
Kommunekredit, Kommunalbanken (KBN) and World Bank hit screens for dollar deals on Monday, as bankers said that this week offers a decent window for issuance in the US currency.
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Dollar SSA issuance is expected to pick up next week, thanks to a change in the euro/dollar basis swap that is making issuance in the currency more attractive for euro funders. There was still a smattering of dollar trades this week, including a Sofr-linked floater that broke new ground for the format.
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L-Bank on Tuesday became the first SSA issuer to sell a Sofr-linked floating rate note with Reg S only documentation. The $500m no-grow deal had over $600m of orders, with $125m of those coming from the leads — which said any stock they were left with would be useful for providing paper to investors looking to test their Sofr systems in the coming weeks and months.
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L-Bank is set to bring the first ever Reg S only Sofr-linked bond on Tuesday. The German agency will be joined in the dollar SSA market by Japan Finance Organization for Municipalities, which has picked banks for its first benchmark of the calendar year.
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L-Bank will go on the road to promote the first ever Reg S dollar benchmark priced over the dollar risk free rate, Sofr.
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L-Bank will go on the road to promote the first ever Reg S dollar benchmark priced over the dollar risk free rate Sofr.
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One of the biggest snowstorms to hit Ottawa in years could not stop Export Development Canada printing its largest ever deal this week, alongside a record three year book for the European Investment Bank (EIB) and a very healthy Bank of England (BoE) dollar deal.
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KfW made a strong return to the Canadian dollar market on Thursday after 3.5 years away from the currency, as it tightened pricing on its comeback deal. The German agency came alongside a green bond in the currency from a Canadian province.
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