Currencies
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Goldman Sachs made its second visit to the Maple market this year on Thursday. The Canadian dollar market is enjoying its busiest year in four years for offshore issuance. -
Bank of China sold one of its high-profile multi-currency, multi-tranche bond deals on Wednesday. The trade, which spanned five of the bank's global branches, raised a combined $2.35bn.
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A campaign by a political opposition party questioning the deployment of Turkey’s FX reserves and a snub from the United States has put new pressure on the country’s bonds.
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Canada will make its green bond debut during its current financial year, which will be the first of many deals in the format by the sovereign. The North American state is also exploring the possibility of issuing social bonds.
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China Construction Bank Corp turned to the bond market on Thursday to sell a $2.4bn equivalent multi-currency transaction, with each tranche carrying a socially responsible investment (SRI) label. But recent volatility in the region’s credit market, and the issuer’s own ‘ambiguous’ approach to the trade, posed challenges.
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Switzerland's cantonal banks enjoyed an open window this week thanks to Pfandbriefzentrale's extended stint away from the market. Elsewhere, the Canton of Zurich was able to harness the lack of sub-sovereign supply to land at an aggressive level versus govvies.
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The International Development Association is set to make one of its rare outings to the euro market on Tuesday, joining a 20 year from Ireland, which will be the third sovereign deal this week.
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Demand for BPCE's latest Kangaroo note was skewed towards the preferred senior format this week, with non-preferred paper only making up A$125m ($96.0m) of the A$750m deal. The French firm was also joined in the market by Rabobank, which sold its first Aussie deal after an almost two year absence.
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A pair of European sovereigns hit the market on Tuesday, raising a combined €12.5bn. Austria launched a four and 50 year dual tranche, but it was the short leg that raised eyebrows, demonstrating demand exists even below the ECB deposit rate.
