BMO Capital Markets

The International Finance Corporation (IFC) visited the Canadian dollar market for the first time in more than 10 years this week, matching its largest ever deal in the currency for size.

Bank of Montreal made the most of US earnings blackouts and re-opened the dollar market this week with a $2.25bn deal amid improving market conditions.

Carmakers took advantage of a light calendar and an improving backdrop to reopen the dollar bond market after a week-long supply drought.

Bway, the US container maker, is including €475m of euro bonds in the leveraged financing for its $1bn acquisition of rival Industrial Container Services, in a sign of the increasing attractiveness of euro high yield markets.

Sweden’s Lundin Petroleum has slashed 90bp off the margin of its $5bn reserves-based lending facility, as borrowers continue to heap pressure on lenders over pricing.

Rating: Aa1/AA+

Big moves in US Treasury yields, swap spreads and the euro/dollar and euro/sterling basis swaps put paid to some dollar issuance this week as some borrowers held back and others tapped different currencies. But a pair of Swedish names did get deals done, and rates started to move back into more favourable areas, suggesting volumes could pick up again next week.

Climbing US Treasury yields and tightening swap spreads are pushing out levels in dollars, but Swedish Export Credit Corporation (SEK) managed a successful three year trade — a good omen for an upcoming deal from Kommuninvest on Wednesday.

Swedish Export Credit Corporation will bring a three week dearth of SSA dollar benchmark issuance to an end on Tuesday after mandating for a three year issue. A shift in Libor rates, swap spreads and secondary levels since the last glut of dollar supply should all make for a keenly watched trade, said bankers.

A supranational dollar deal ran away with April’s top spot in BondMarker, outstripping the rest of the table by a good margin and clocking in as the third most highly rated deal of the year.

Investors appear certain that the Federal Open Market Committee will up its target rate at its next meeting in June, after this week’s gathering left levels unchanged, although expectations of further hikes have slightly fallen. Elsewhere, a supranational left next to nothing on the table as it brought a dollar syndication to market.

The European Bank for Reconstruction and Development looked to have taken almost every last cent off the table after increasing the size of a dollar floater from the size it set earlier in the day.