Daiwa Securities
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Asian Development Bank hit the market twice on Thursday, grabbing $3bn of five year paper and selling its debut green bond — a £250m seven year trade.
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Rare international bond issuer Export-Import Bank of India turned to Japan this week for a yen-denominated deal. The ¥32bn ($301.2m) trade was its first standalone Samurai bond since 2006. -
The World Bank was one of a bevy of SSA dollar issuers raising a total of $8.4bn this week, with most of the trades indicating that investors coming back from the summer were having to decipher a completely different market to the one they left.
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The dollar SSA market was ablaze on Tuesday, with five deals on screen offering small new issue premiums and gaining chunky demand across the maturity curve.
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Land NRW and Nederlandse Waterschapsbank mandated for dollars on Monday, kickstarting the market again after a fortnight of blank screens in the currency.
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The Republic of the Philippines took advantage of Japanese investors’ hunger for yield with a tightly priced four-tranche ¥92bn ($863.4m) Samurai bond.
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Caisse des Dépôts et Consignations has returned to the Samurai market with what the issuer and leads said was the lowest ever coupon in the format.
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The Inter-American Development Bank this week capitalised on a dearth of supply at the 10 year point of the curve to print its second dollar benchmark of the year.
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There was high demand for dollar SSA paper as Kommunalbanken (KBN) printed at its tightest ever spread against the US Treasuries on Wednesday. Meanwhile the Province of Ontario has mandated for its own benchmark transaction.
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Kommunalbanken has mandated for a 2024 dollar benchmark, as SSA bankers say the market remains positive for new issuance.
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The Republic of Indonesia raised ¥177bn ($1.6bn) from a six tranche bond sale in Japanese yen on Thursday, making it the largest public Samurai bond deal from an Asian country.
