IFC

With Veterans’ Day keeping dollar markets quiet, bankers were able to disclose further guidance on this week’s anticipated deals from FMS Wertmanagement and the International Financial Corporation (IFC).

The International Finance Corporation (IFC) and FMS Wertmanagement are both scheduled to issue dollar benchmarks next week as demand for high grade dollar product shows no sign of abating. A deal from the Export Development Canada could be hot on their tails.

The IFC tapped its July 2017 Kangaroo bonds on Thursday, relying on a steady stream of demand to bring the total size of the issue over the A$1bn ($1.04bn) mark, despite pricing in line with the outstanding paper.

The havoc wrought by Hurricane Sandy on the Eastern seaboard of the US has caused the International Finance Corporation (IFC) to postpone its plans to issue a dollar deal this week.

The received wisdom in the SSA world is that pulled deals — like Madrid’s abortive attempt to come to the market this week — cause lingering investor distrust and make it hard for borrowers to return to markets when next they need to. But Madrid’s circumstances were as much to blame for this week’s mishap and SSA issuers should still see this autumn as a chance to drive down costs of funding.

Rentenbank reopened the benchmark market for SSA borrowers on Monday with the first of a possible quartet of dollar trades that bankers expect to see in the near future.

The Inter-American Investment Corporation (IIC) has mandated four banks for its debut offering which will be a dollar-denominated floating rate note.

The International Finance Corp (IFC) this week paid more for its return to the dim sum bond market than it did in its debut last year. Investors are seeking higher yields to compensate for diminishing expectations of the appreciation of the renminbi.

With a large NZ$500m redemption due on Thursday, International Finance Corp (IFC) entered the Kauri market on Monday pricing a new NZ$300m ($242.55m) 3.5% five year line – a tenor that has dominated SSA issuance this summer.

A lack shortage of supply in secondary is driving investors into private placement markets. Washington supranationals raised funds through innovative methods this week, including Uridashi and private placements in unfamiliar currencies.

Export Development Canada (EDC) and the Province of Manitoba entered the Kangaroo market on Thursday, the first offerings in Australian dollars from a Canadian borrower since July 2011.

Two chunky redemptions from the International Finance Corp (IFC) and the European Investment Bank (EIB) might bring the pair back into the Kauri market soon. Although the IFC is likely to be well bid a by the market’s conservative investor base, the EIB may struggle to refinance its deal directly at an acceptable price.