BMO Capital Markets
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The World Bank was one of a bevy of SSA dollar issuers raising a total of $8.4bn this week, with most of the trades indicating that investors coming back from the summer were having to decipher a completely different market to the one they left. -
The European Bank for Reconstruction and Development had a triumphant debut deal linked to Sofr this week, with the borrower drawing new investors that had never been in its books before.
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The European Bank for Reconstruction and Development has hit screens with its debut trade linked to the secure overnight financing rate (Sofr), with the issuer the third in quick succession to mirror the coupon technique found in the Sonia bond market.
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The dollar SSA market was ablaze on Tuesday, with five deals on screen offering small new issue premiums and gaining chunky demand across the maturity curve.
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Land NRW and Nederlandse Waterschapsbank mandated for dollars on Monday, kickstarting the market again after a fortnight of blank screens in the currency.
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The US corporate bond market continued to crank out investment grade deals despite fears of a global recession battering risk assets this week.
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Rentenbank and Inter-American Development Bank hit the market for small taps of existing dollar debt on Tuesday, though some investors’ attentions are focused on this week’s US Federal Reserve meeting.
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Rentenbank and Inter-American Development Bank hit the market for small taps of existing dollar debt on Tuesday, dipping into the market before the US Federal Reserve cut rates for the first time since the financial crisis.
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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.
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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.
