North America
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After a bumper two weeks, issuance in dollars slowed down this week in anticipation of the Federal Open Market Committee’s meeting on April 26-27.
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Covered bond activity slowed this week with only three deals emerging, half the number seen in the prior week, with Canadian issuers at the fore.
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Bankers are predicting more than $100bn of corporate supply in the coming weeks as US corporates emerge from earnings blackouts to exploit near-perfect funding conditions ahead of an expected spike in volatility. -
A pair of rare SSA names kept Kangaroo and Kauri bond supply ticking over this week, as Asian investor appetite drove demand.
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The Province of Ontario on Wednesday became the second Canadian issuer to print a 10 year dollar benchmark this month, adding to a recovery in issuance at that part of the curve.
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Bank of Nova Scotia (BNS) has issued the largest legislative US dollar denominated covered bond at a considerably tighter spread than the previous two transactions and with a minimal new issue concession.
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Manulife Financial is set to kick off bookbuilding for its Singapore-bound $500m real estate investment trust (Reit) IPO next week, if feedback from investor education is positive.
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An increase in swap spreads at the short end of the curve drove public sector issuers to focus their attention on shorter maturities in the dollar market this week.
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Toronto Dominion Bank attracted the highest oversubscription level of any Canadian deal issued in euros this year even though it was its fourth foray into the covered bond market in 2016.
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Chinese metals exchange operator Yintech Investment Holdings has opened books for its US IPO that could raise $109m, a source with knowledge of the deal told GlobalCapital Asia.
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The Province of Ontario is to hit the dollar market on Wednesday with a 10 year benchmark while the Asian Development Bank (ADB) and Oesterreichische Kontrollbank printed deals on Tuesday, as bankers noted the popularity of dual tranche deals in the currency.
