Currencies
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Inter-American Development Bank launched a debut 15 year Kangaroo bond on Monday, the third supranational to look for ultra-long Australian dollar funding in the last year.
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As temperatures across Europe hit new highs for the year, primary issuance is also hotting up in its corporate bond market. Borrowers led the charge on Monday with three well received deals totalling five tranches.
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Transport and tourism services provider Zhuhai Holdings Investment has returned to the syndicated loan market after two years for a HK$1.5bn ($192m) borrowing.
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Remarkably supportive conditions in the euro market allowed some rare SSA names to pull off strong deals this week, including a debut in the currency and a return from a two year hiatus.
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MSC Cruises, the European cruise company, raised Sfr335m ($343.34m) in the Swiss bond market on Thursday, a record size for an unrated issuer which left the market wondering if a new type of borrower has found a Swiss home.
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TD Securities has hired a trader to cover the euro SSA and covered bond markets, adding euro capacity to a bank that has focused mainly on dollars and other currencies so far. But SSA bankers warned that if the firm plans to break into the euro primary market, it could face a tough time.
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MSC Cruises, the European cruise company, raised Sfr335m ($343.6m) in the Swiss bond market on Thursday — a record size for an unrated issuer, which left the market wondering if a new type of borrower has found a Swiss home.
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Public sector borrowers could bring deals in euros and dollars next week, said SSA bankers, although supply is likely to be fairly muted with many funding officials descending on London for the annual Euromoney Global Borrowers conference.
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China Three Gorges Corp sealed its inaugural offshore green bond on Wednesday, raising €650m from a seven year deal. The notes were sold at a tight spread, with bankers saying that the “European style” execution was due to strong demand from investors.