Nomura

Rating: Aaa/AAA

International Finance Corporation is set to launch a new 10 year Kangaroo bond.

The dollar market was on spectacular form on Wednesday, with a Canadian province pushing out a rare 10 year bond, a supranational smashing its size record and a $4bn five year from a German agency.

SR Boligkreditt has issued its first Reg S dollar covered bond, and though the book was slow to build the issuer found enough demand to ensure the deal was eligible for bank liquidity portfolios in the liquidity coverage ratio (LCR).

Public sector borrowers are lining up a three pronged attack on Wednesday in a dollar market that is enjoying its widest swap spreads of the year. Quebec is attempting the first 10 year dollar benchmark since the first week of the year, KfW is out in fives — a part of the curve that has also become attractive in euros — and the Inter-American Development Bank is coming at the short end.

Korea Expressway Corp and JSW Steel have mandated banks for new international dollar deals as the first quarter draws to a close.

Nomura has promoted Prabhat Awasthi to the position of head of India, according to a press release from the Japanese bank on Wednesday.

India’s divestment body is hunting for firms to manage New India Assurance Co’s IPO, one of five state-owned insurers the government plans to take public.

Housing Development Finance Corp (HDFC) sealed the year’s first offshore rupee-denominated bond and the largest so far from an Indian name, pricing the Rp33bn ($504m) notes tighter than its onshore curve, said bankers.

India’s Housing Development Finance Corp launched a three year and one month Masala bond on Friday, making its return to the offshore rupee-denominated debt market.

Japanese investors on the hunt for European SSA credit drove a flurry of long dated Australian dollar deals on Wednesday.

Bookrunner numbers on European deals are climbing ever higher, and it’s hurting deal execution. That, at least, is the complaint of many in the DCM and syndicate world. Is this just self-interest, or should issuers be worried? What, if anything, can be done about the growing mandate roll calls?