BMO Capital Markets
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Investors have swarmed to FIG FRNs despite looming interest rate cuts -
Dollar SSA issuance to build, though euros offering tighter pricing for many
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Bond was sized to ensure secondary performance, and it indeed it has performed
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Danish agency scored largest ever book and at a tight spread to US Treasuries
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Deals takes syndicated dollar issuance in the SSA market to $10.1bn this week
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Bank of England, KommuneKredit and Agence Française de Développement also price deals
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Canadian bank hires two bankers for syndicate and origination roles
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NWB Bank lands all-time record book
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Both names drew large oversubscriptions despite bringing similar trades
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Issuer will move to focus on euro and Kangaroo markets for rest of 2024, though another dollar deal is also on the cards
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Issuer pushes spread tighter than recent deals from peers
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Luxembourg-based supra leads Tuesday’s deals as EDC and Land NRW also enter market
