Canada

Three dollar borrowers have hit screens in a market buoyed by a pronounced Treasury sell-off.

Endeavour Mining, the Toronto-listed, UK-headquartered gold exploration company active in west Africa, has raised $300m to refinance debt with a debut five year convertible bond issue that was well subscribed, according to several sources close to the deal.

Entertainment One, the Canadian record label and entertainment company, has raised £53m, in an accelerated bookbuild, to partly finance its acquisition of the remaining shares in The Mark Gordon Company, the Hollywood production company behind films such as Saving Private Ryan, in which it already owns a 51% stake.

Data releases by a number of monetary authorities show uneven turnover in RMB-denominated FX transactions around the globe.

Public sector borrowers this week set new landmarks in what has already been an exemplary year in dollars, as KfW sold the largest 10 year dollar benchmark in 2.5 years and the Nordic Investment Bank priced the tightest deal versus swaps of 2018 so far. SSA bankers are confident that conditions will hold at both ends of the curve — allowing the possibility of further long end supply and even lower short end spreads.

Guarantor: CPP Investment Board

Public sector borrowers wrapped up a trio of short end dollar trades on Tuesday, with the tightest issuer able to grind in pricing to the lowest level from an SSA this year and the higher yielding names finding ample demand despite ending up at similar spreads. SSA bankers are confident that the strong conditions will also ring true at the long end for KfW, which has mandated for its first 10 year dollar benchmark in nearly three years.

Public sector borrowers are pouring into the three year part of the dollar curve after a series of issuers printed strong deals in the tenor last week.

Sterling covered bond supply so far this year has been high but Toronto Dominion Bank showed on Monday that demand was also plentiful, as it issued another tightly priced transaction with a strong book.

Guarantor: Canada

The three year part of the dollar curve took centre stage for public sector issuers this week, having played second fiddle to fives so far this year. Issuers were met with just as strong a reception in the short end of the curve as they have enjoyed in fives so far — and SSA bankers believe some could be tempted to test the longer end.

DNB Boligkreditt and Canadian Imperial Bank of Commerce this week issued the first five year covered bonds of the year and found strong demand, even though there was a sensitivity around the final spread.