BMO Capital Markets
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The dollar bond market for public sector borrowers this week rounded off a spectacular January, with many bankers describing it as “perfect” and the best in five years. -
A trio of issuers brought deals across the short end of the dollar curve on Wednesday, adding to what one SSA syndicate head described as the “ideal January”. Supply looks to have dimmed for now, with no deals on screen for Thursday and Chinese New Year holidays next week likely to halt benchmark issuance, but bankers believe conditions are so hot that arbitrage deals or floating rate notes could still break through.
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Public sector borrowers are staying focused on the belly of the dollar curve, with a pair of issuers lined up for Wednesday. Demand at that part of the curve shows no sign of letting up, with two issuers out in fives on Tuesday — one of which was able to increase the size of its issue from its initial target.
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Pattern Energy, a US renewables roll-up, priced its debut high yield bond on Friday, after the $350m offering had been marketed to investors last week.
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As many as eight covered bonds were launched across three currencies this week, the vaguely discernible pattern suggesting better interest for the larger deals with intermediate maturities and particularly those from non-eurozone issuers where liquidity is most likely to be better.
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The dollar covered bond market is in good shape, and it seems likely that issuers will want to follow the success of Bank of Montreal which last Wednesday issued the first benchmark of the year at a cheaper cost and in larger size than its previous deal issued six month ago.
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KommuneKredit and the Asian Development Bank (ADB) will reopen the dollar market for SSA borrowers on Wednesday. Meanwhile, the EIB is lining up to perform the same service in sterling bonds.
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A pair of public sector borrowers hit screens this week for dollar syndications, providing an unexpectedly strong climax to 2016.
