RBC Capital Markets
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After a lengthy absence from sterling, Instituto de Crédito Oficial is keen to reestablish itself as a permanent name in the currency. The Spanish agency sold its first new issue in the sterling bond market in five years this week, while Finland came soon after with a five year.
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Auctions will be the main source of euro issuance from sovereigns, supranationals and agencies for the rest of the year, after the European Stability Mechanism this week opted against sounding banks for a syndication during its last deal window next week. But the market was strong for issuers that did come this week, with a pair of deals priced at the tight end of initial price thoughts.
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Finland returned to the sterling bond market on Wednesday with its first new deal in over a year. It came hot on the heels of Instituto de Crédito Oficial, which on Tuesday sold its first new issue in the currency in five years. -
The European Bank for Reconstruction and Development attracted orders of about $1bn to a five year global on Wednesday afternoon, GlobalCapital understands, and priced the deal in line with initial price thoughts. The deal contrasts sharply with a 10 year from the World Bank a day before that was oversubscribed by more than $1bn and was priced at the tight end of guidance.
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A busy week in non-core markets saw Rentenbank return to the Canadian dollar market in size, the Central American Bank for Economic Integration (Cabei) price a new Swiss franc deal inside its curve and a quartet of SSAs access the kangaroo market.
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Asian Development Bank became the second issuer to hit dollars this week, mandating for a seven year bond as KfW priced the largest 10 year global of any SSA issuer bar the US agencies. A pair of borrowers are tipped for possible deals next week, which will be the last full week of issuance ahead of the dollar market’s traditional close at Thanksgiving.
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Asian Development Bank announced a seven year deal on Thursday as KfW wrapped up a $5bn 10 year that drew over $7bn of orders.
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KfW has hired a trio of banks to run a 10 year global. Market participants expect the deal to fly given the attractive pricing on offer.
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Rentenbank is set to return to the Canadian dollar market for the second time this year on Wednesday, with what will be its largest benchmark in the currency since 2007.
