RBC Capital Markets
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Export Development Canada has shown that the lower bound for dollar demand falls below the three year part of the curve, as it drew a well oversubscribed book on Thursday for a no-grow $500m August 2018 Reg S/144a deal. -
The dollar market for public sector borrowers is showing remarkable disdain for bankers’ summer holiday plans, with a trio of deals printed across the curve during the usually quiet days of August. But this week’s long dated deals are unlikely to signal jumbo 10 year dollar benchmarks’ return from a long vacation.
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uarantor: Financial Market Stabilisation Fund of the Federal Republic of Germany
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FMS Wertmanagement printed $2bn of bonds on Wednesday for the first time since November 2013 and only the fourth time in its history, as rampant demand in the currency showed no signs of letting up.
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Public sector borrowers are extending their run of success in dollars, thanks in part, according to an SSA syndicate banker, to a shortage of places for investors to put cash.
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FMS Wertmanagement mandated banks for a dollar benchmark on Tuesday as Asian Development Bank sold a dual tranche dollar green bond, amid a topsy-turvy time for US Treasury yields.
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Vodafone continued to throw primary supply at European corporate bond markets on Friday, printing its third bond in two weeks as it issued a £1bn 40 year deal.
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The SSA market enjoyed a resurgence of Kangaroo issuance this week. The flurry was mostly driven by Asian reverse enquiry, and stands in contrast to an inactive first half for SSA issuance in Aussie dollars.
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KfW was able to price through its curve as it reopened an Australian dollar bond on Wednesday evening Australian time.
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Just one week after it issued a €1bn 15 year bond in the euro market, Vodafone swooped for sterling on Monday issuing an £800m 33 year bond.
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US domestic issuers peppered the dollar market across the capital structure with a flurry of smaller deals this week that were gobbled up by yield-hungry investors and rounded off a strong month for issuance.
