Nomura
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The dollar market is grinding on throughout the summer, with public sector borrowers pushing out deals at the short end, although none have been in benchmark size this week. Two issuers launched transactions on Tuesday with a third slated to follow on Wednesday. -
South Korea’s KT Corp grabbed $400m from its bullet bond on Monday through a smooth transaction in an otherwise quiet day for primary issuance.
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Two European agencies are set to launch dollar transactions on Tuesday, defying any talk of a summer slowdown to take advantage of supportive conditions.
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KT Corp, formerly known as Korea Telecom, began marketing a new dollar deal on Monday morning local time, returning to the debt market a year after its last issuance.
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International Finance Corporation introduced the Kauri market to green bonds on Thursday, after opening books on a socially responsible New Zealand dollar note with a NZ$100m ($75.2m) minimum size.
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European Investment Bank launched a lengthy climate awareness bond in Kangaroo format on Monday, as appetite grows for green issuance in the Australian dollar bond market.
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Asian Development Bank added a A$60m ($47.7m) clip to its 15 year Australian dollar bond on Wednesday, as demand grows for Kangaroo paper beyond 10 years.
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A pair of three year prints in dollars provoked very different reactions from GC BondMarker voters in the second quarter. Read on to find out more in this week’s BondMarker round-up, which looks at the most notable dollar deals of the last quarter.
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The Province of Alberta on Wednesday passed its first bond market test since suffering a double downgrade from S&P in May. Bankers away from the trade said it was a “good outcome”, despite having to pay a bit of concession — unlike most other dollar deals over the last few weeks.
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Sumitomo Mitsui Trust Bank exited its stake in India’s Reliance Capital on Tuesday through a Rp4.6bn ($71m) overnight share sale, more than two years after the pair inked a strategic partnership.
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The European Financial Stability Facility (EFSF) sold its fifth dual tranche of the year on Tuesday, gaining plaudits as it added €1.5bn to a line that bankers said came under secondary market pressure when launched in February.
