BMO Capital Markets

Another pair of public sector borrowers tapped the dollar market, hitting two and three years respectively, in contrast to Tuesday’s salvo of long end trades. One of the issuers printed well beyond its initial size expectations.

The European Stability Mechanism (ESM) brought its long awaited inaugural dollar transaction to market on Tuesday during a period of feverish activity in a dollar market that is “going from strength to strength”, according to one SSA banker.

En+ Group, the Russian power and metals company controlled by Oleg Deripaska, has opened the books for its $1.5bn IPO in London and Moscow, which may value it at up to $8.5bn if the deal is priced at the top of its price range.

Walt Disney joined the swell of blue chips entering the Maple market, selling C$1.25bn ($1bn) of seven year notes on Wednesday. Maple bonds, a suburb of niche currency markets for years, is becoming a hotbed for blue chips in search of diversification, writes Silas Brown.

One of the most widely anticipated IPOs in the EMEA region got going on Thursday when EN+ Group, the Russian power and metals business controlled by Oleg Deripaska, said it would sell up to $1.5bn worth of global depositary receipts in London and Moscow in November.

Bank of Montreal (BMO) opened books on its first senior deal in sterling in nearly four years on Tuesday, having been very active in the capital markets in recent sessions.

A flurry of large trades from the European Investment Bank (EIB), the International Finance Corporation (IFC) and the World Bank helped push overall Kangaroo volume so far this year higher than those seen for the whole of 2016.

Bank of Montreal (BMO) raised A$800m selling Australian dollar bonds for the first time on Wednesday. The rising flows of Asia Pacific investors is making the Australian dollar market a useful source of diversification for financials and corporates alike.

A slightly more hawkish than expected US Federal Open Market Committee meeting mid-week has nudged up US Treasury yields — bringing 10 year dollar issuance nearly within SSAs’ reach, said bankers. But in the meantime, SSA bankers are looking at the dollar pipeline with dismay.

L-Bank has snuck in at the last possible moment before the end of a crucial US Federal Reserve meeting to raise $500m with a comfortably oversubscribed floater.

Sibanye Gold, the South African gold miner, took the final step towards refinancing its acquisition of US platinum miner Stillwater on Tuesday, when it issued a $450m convertible bond.

A hundred investors managing $1.8tr of assets have signed a letter calling on banks to say more about how they are managing the risk of climate change, and to publish a strategy saying how they support the goals of the Paris Agreement.