Currencies
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A pair of supranationals opened the Maple market with sustainability bonds this week. The Canadian green market is “going through a growth phase” as more and more domestic investors show interest in the product, according to bankers. -
The first Kangaroo deals of 2020 from SSAs started trickling through this week, after ANZ blew the doors off the Australian dollar market with a A$3.5bn ($2.4bn) self-led domestic deal on Tuesday.
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Investors piled into the euro public sector bond market on Wednesday, allowing borrowers to achieve well subscribed order books and minimal new issue concessions for a range of maturities.
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A diverse combination of an international historical stalwart and a handful of usual suspects from the domestic market ensured a solid start to the year for the Swiss franc bond market.
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Government bond yields have moved fast this week as investors adjust to the risks posed by escalating tensions between the US and Iran. That is having a knock-on effect on swap spreads and the two factors are combining to add complexity to new issue pricing in the SSA market. Nonetheless, issuers are pulling off aggressive and successful deals.
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Minmetals Land’s subsidiary, Onfem Finance, has attracted 17 lenders during syndication, allowing the borrower to boost its loan to HK$6bn ($771m).
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The Republic of Indonesia made an opportunistic outing this week, tapping both the dollar and the euro bond markets for about $3bn. The sovereign started the year with a different approach to its annual funding, in a bid to take advantage of strong liquidity in both the currencies, writes Morgan Davis.
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A strong reception for a five year euro benchmark by KfW on Tuesday was enough to lure in a hesitant flock of public sector borrowers to the euro market as the pipeline stacks up for Wednesday’s business.
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The Republic of Slovenia became the first CEEMEA issuer to print a bond this decade, quickly launching a €1.5bn deal from a book of €11.75bn on Tuesday.
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The World Bank hit screens on Monday with a mandate for a new five year sustainable development Maple bond — its first public Canadian dollar issue since September.
