BMO Capital Markets
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After reopening the post-Brexit dollar market with a $150m tap on June 23, Rentenbank is coming back for more, opening books for another tap to be priced on Tuesday. -
The Province of Manitoba sold a 10 year dollar bond on Tuesday, taking advantage of a good window despite the impending Fed rates decision on Wednesday.
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The response to some of this week’s dollar deals has got some bankers believing that next week’s US Federal Reserve meeting might not prove to be the market shutting millstone that it had promised to be just a few weeks ago.
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Kommunalbanken on Thursday sold its largest floating rate note ever — and the largest floater from an SSA since early March — as bankers away from the trade said the “stars aligned” for the issuer.
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Bank of Montreal (BMO) issued its debut dollar legislative covered bond on Thursday, achieving the tightest spread of any covered bond issued this year in the currency.
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The European Bank for Reconstruction and Development printed a $500m floating rate note on Thursday in the week’s third deal in the format.
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The Province of Ontario on Wednesday became the second Canadian issuer to print a 10 year dollar benchmark this month, adding to a recovery in issuance at that part of the curve.
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Issuers stormed out of the blocks with a set of deals across the curve this week, with factors including an increase in swap spreads on the short end, a positive feeling towards the US market since Janet Yellen’s statements in March and the start of the Japanese fiscal year all credited.
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The African Development Bank and L-Bank on Thursday added to a surge of deals at the short end of the dollar curve, as issuance rode on a wave of dovish central bank outlooks.
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L-Bank and the African Development Bank are set to be the latest issuers this week to take advantage of rising short end dollar swap spreads, mandating for deals on Wednesday after Finland printed a short dated deal of its own.
