BMO Capital Markets
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A surfeit of supply hit the long end of the covered bond curve this week as issuers piled in to take advantage of extraordinarily cheap funding conditions that are unlikely to last long. Bill Thornhill reports. -
A seemingly unstoppable flow of dollar issuance from public sector borrowers looks set to spill into next week, after a slightly undersubscribed deal early this week failed to dent sentiment for other trades.
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Pricing rather than size was the focus for public sector borrowers in the dollar market this week, although overly aggressive pricing was not the reason for one issuer having to pull back from bringing a tap issue.
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While Sekerbank postponed the roadshow for a tier two bond over the weekend, the borrower has succeeded with a $130m loan — although one lender asked for more time before signing, according to a lead banker.
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JP Morgan stormed straight out of earnings blackout with a benchmark trade immediately after kicking off Wall Street results season on July 14, and with rivals emerging from earnings blackout in the coming days, the rest of the month promises to be busy.
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KfW paved the way for a slew of dollar mandates from SSA borrowers on Tuesday with a $5bn new issue.
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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.
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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.
