RBC Capital Markets
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Issuers stormed out of the blocks with a set of deals across the curve this week, with factors including an increase in swap spreads on the short end, a positive feeling towards the US market since Janet Yellen’s statements in March and the start of the Japanese fiscal year all credited. -
The primary covered bond market was active this week with as many as seven issuers raising more than €6bn, including the longest deal in over a year and a debut borrower in euros.
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L-Bank and the African Development Bank are set to be the latest issuers this week to take advantage of rising short end dollar swap spreads, mandating for deals on Wednesday after Finland printed a short dated deal of its own.
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A stream of SSA borrowers entered the primary bond market this week in both euros and dollars. Dual tranche deals were popular as borrowers sought to take size without paying heavy new issue premiums.
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BMW issued a €1.5bn dual tranche bond on Monday, nine weeks after selling its first public bond of the year. The improvement in market conditions since then was clearly visible, according to a banker away from the deal, as the issuer racked up twice the order volume this time.
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Bank Nederlandse Gemeenten, FMO, Japan Bank for International Cooperation and the Province of Quebec all hit screens on Monday for forthcoming dollar deals, with bankers remarking that the SSA market could be set for another hectic week.
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Covered bond borrowers in the UK, Sweden, France, New Zealand and the Netherlands met with strong receptions for their transactions this week, which collectively raised nearly €6bn.
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Asian Development Bank printed a A$225m ($170.8m) 10 year bond on Thursday, the largest issue size in this tenor from an SSA borrower in the Australian dollar market since 2014.
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Daimler’s funding radar turned swiftly from the Eurodollar market to sterling bonds this week, as it raised £300m ($430.9m) on Thursday.
