Canada
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After several months without any long end dollar benchmark bonds from public sector issuers, two came along at once this week — bolstering confidence that conditions are right for a borrower to print in jumbo size in the tenor for the first time in more than two years. -
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The European Stability Mechanism (ESM) brought its long awaited inaugural dollar transaction to market on Tuesday during a period of feverish activity in a dollar market that is “going from strength to strength”, according to one SSA banker.
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The European Stability Mechanism is finally set to come to market to sell its first ever dollar bond, lining up for a transaction on Tuesday alongside two SSAs looking to access the rare 10 year dollar tenor.
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Bank of Montreal (BMO) became the first Canadian name to issue a covered bond in euros since March with a €1.5bn trade on Thursday.
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China’s economic growth will do little to help promote renminbi internationalisation, according to an October 17 report by Swift. The comment came as the renminbi falls to eighth place in the league table of the world’s most used payment currencies.
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Abu Dhabi Commercial Bank is set to come to market for a potential triple tranche kangaroo bond on Friday, following a deal from Emirates NBD that, according to a banker at one of ADCB’s leads, showed the market was still accessible to Middle Eastern borrowers.
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Bank of Nova Scotia made a stunning splash in the dollar market as it printed the first offshore additional tier one (AT1) bond by a Canadian lender.
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Export Development Canada (EDC) sold a five year sterling floater on Thursday, raising £750m with its largest deal ever in the currency and, in an unusual development for the sterling market, pulled in its spread by 2bp. The borrower paid up over its dollar curve but was, according to one of the leads, happy to do so to maintain a presence in sterling.
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It was a week of blistering conditions in the SSA dollar market but the pace of issuance has slowed a little in comparison to the glut that defined the few weeks of September.
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Bank of Montreal (BMO) raised A$800m selling Australian dollar bonds for the first time on Wednesday. The rising flows of Asia Pacific investors is making the Australian dollar market a useful source of diversification for financials and corporates alike.
