RBC Capital Markets
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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. -
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.
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Affordable Housing Finance, a subsidiary of The Housing Finance Corporation, hit the sterling market on Thursday for a £191.4m tap that was more than twice subscribed.
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Affordable Housing has mandated three banks to arrange a tap of sterling notes that may come to market as early as Thursday.
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Mediq, the Dutch pharmaceuticals firm owned by Advent, has launched a €200m dividend recapitalisation, holding an investor call on Wednesday. This follows German industrial services firm Bilfinger offering a €700m term loan at a bank meeting on Tuesday.
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A string of dollar issuance from public sector borrowers is set to extend into Wednesday, as Belgium mandated in the currency following a pair of deals from an agency and a supranational.
