Daiwa Securities
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Both Kommunalbanken (KBN) and the International Finance Corporation (IFC) came to the Kangaroo market this week. A need for long dated Australian dollar paper from Japanese investors drove the deals. -
Malaysia has closed the biggest sovereign Samurai bond in 18 years, raising ¥200bn ($1.79bn) from what could be just the first of many such deals to come.
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L-Bank is set to bring the first ever Reg S only Sofr-linked bond on Tuesday. The German agency will be joined in the dollar SSA market by Japan Finance Organization for Municipalities, which has picked banks for its first benchmark of the calendar year.
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Daiwa Capital Markets Europe has appointed a new head of dollar SSA trading.
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Investors were keeping cash from the private debt markets this week, though borrowers that have a definite issuance plan have been able to continue with their strategies.
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Korea National Oil Corp’s debut in the Japanese yen market on Wednesday was one to remember. The deal was the largest single-tranche Samurai bond on record in Asia, despite a rise in tensions between the two countries.
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Cromwell European Real Estate Investment Trust (CEReit) has wrapped up a well-oversubscribed rights issue, raising €224.1m to fund the acquisition of various properties across Europe.
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Investors flocked to the Export-Import Bank of Korea’s (Kexim) $1bn bond on Monday, viewing the policy bank as a defensive credit to park their cash in.
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The SSA dollar market’s resilience in the face of a series of potential headwinds was standing firm this week, with Netherlands Waterschapsbank’s benchmark from late last week tightening while bonds in the euro sector widened.
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A flurry of Asian bond issuers have ventured out in a bid to wrap up deals ahead of the Thanksgiving holiday in the US on Thursday, even as markets remain on shaky ground.
