BMO Capital Markets
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The African Development Bank sold its largest ever benchmark on Wednesday, in a deal which bankers said should hammer home the issuer’s “new style” to investors. Meanwhile, Municipality Finance brought its first dollar benchmark of the year. -
Municipality Finance is set to follow the European Investment Bank into the five year part of the dollar curve, as a slight tightening in swap spreads failed to deter issuer and investor sentiment for bonds in the currency.
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Nyrstar, the Belgian zinc smelting company, on Friday priced a single-B rated €400m high yield bond, and has launched a tender offer to buy back a €120m 2018 convertible bond.
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Swedish Export Credit Corporation on Thursday added another cracking deal to a super strong week for dollar issuance, as FMS Wertmanagement lined up to take benchmark supply in the currency into Friday.
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The superlatives “fantastic”, “surprising to the upside all the time” and “huge tightening” were being thrown around about the public sector dollar market this week — the only missing ingredient appears to be supply.
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Nederlandse Waterschapsbank on Thursday brought the solitary SSA dollar deal of the week, taking advantage of “fantastic” conditions to raise $1bn of five year cash.
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Nederlandse Waterschapsbank is set to bring the five year part of the dollar curve back to life for the first time in three weeks, after mandating banks for a March 2022 Reg S/144A deal on Wednesday.
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The prospect of a far-right leader becoming president of France rocked government bond markets this week. It led to a rare pulled French agency deal and will cause the country’s banks problems with their own huge funding needs. But as other issuers in eurozone countries facing elections showed, the picture of the risks ahead is complicated. Craig McGlashan reports.
