Currencies
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The World Bank on Tuesday brought a new five year Kauri bond — the largest since August — at a “pretty aggressive” level to its Australian dollar curve. -
First Abu Dhabi Bank (FAB) issued its first post-merger Kangaroo bond on Tuesday, raising A$350m ($234.9m) — becoming the first Middle Eastern bank to tap the market in two years.
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First Abu Dhabi Bank (FAB) is ready to hop into the Kangaroo market this week, having mandated a pair of banks to lead a potential five year Aussie dollar deal, offering an attractive spread.
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Italy is on screens with a 15 year benchmark, opting for the long end of the curve in spite of the concern some bankers have expressed about the difficulty of selling long dated debt.
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Two European borrowers hit screens on Monday morning at the short end of the euro curve, with a third set to follow suit on Tuesday as issuers. Both of Monday’s deals received extraordinarily strong demand.
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Société du Grand Paris and the City of Munich will break new ground in the socially responsible bond market this week as the pipeline for green and social debt from public sector borrowers builds.
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The Reverse Yankee market could be set for another strong year in 2020, with Wells Fargo adding last week to an already encouraging running supply total in the format.
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Cracks started to appear in demand for long-dated rates products this week, even as riskier credit markets went gung-ho in the face of the coronavirus outbreak. Now Spain could be set to test how bad the damage has been, as it is rumoured to be readying a 30 year syndication for next week. Burhan Kahdbai, Lewis McLellan and Bill Thornhill report.
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The Province of Quebec has hired banks to lead a new Canadian dollar green bond — its first since the start of last year.
