RBC Capital Markets
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Lloyds Bank tapped the covered bond market for a three year floating rate deal on Monday, the fourth year in a row that it has issued the instrument in early January. -
The UK Debt Management Office has picked the maturity and timing for a scheduled bond sale later this month. Elsewhere in sterling, a pair of issuers added deals to a bumper opening week that fell just short of a record.
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Hopes that spiralling US Treasury yields could lead to a healthy year for 10 year dollar benchmarks from SSA borrowers took a beating this week when the Asian Development Bank bellyflopped with its own attempted entry. Craig McGlashan reports.
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A remarkable sterling deal from the European Investment Bank sparked off a week that could become a record opener for supranational and agency issuance in the currency.
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Royal Bank of Canada, Canadian Imperial Bank of Commerce, Commonwealth Bank of Australia and Deutsche Pfandbriefbank tapped the sterling covered bond market this week at cheaper levels than they could have achieved in euros and dollars.
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Inter-American Development Bank and World Bank opened the Kangaroo market with five year prints on Wednesday and Thursday respectively. Unexpectedly strong Australian investor support made World Bank’s trade the largest SSA offering since July.
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Autoroutes du Sud de la France, the French toll road operator, tested the investment grade euro corporate bond market’s taste for tenor on Thursday with a 10 year trade.
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Searing conditions in the sterling market could lead to a record opening week of SSA issuance in the currency as a pair of issuers lined up deals for Friday — despite this only being a four day week.
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German chemicals producer BASF snatched a steal in sterling on Tuesday as it printed flat to its curve with a £300m long eight year trade that began 2017’s corporate bond issuance in the currency.
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A dual tranche global deal from the Asian Development Bank on Wednesday at least temporarily dashed hopes that this year could be strong for 10 year dollar benchmark issuance — although some bankers away from the trade felt that the problems were idiosyncratic rather than reflective of demand.
