RBC Capital Markets
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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. -
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.
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French oil company Total priced a £300m six year bond on Tuesday, paying a small new issue premium, according to bankers. The deal follows a spate of recent deals in the currency from Walgreen, Ford and Intu Properties.
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On Friday Nestlé extended by a year €5bn five year revolving credit facility it had signed in October 2013. The Swiss foods producer also replaced a €5bn-equivalent short term facility with a new facility of €6bn.
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Corporacion Andina de Fomento (CAF) extended its Swiss franc curve to January 2028 on Wednesday in the longest deal in the currency by a non-Swiss borrower since April 2013.
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KfW took advantage of moves in the Australian dollar/euro basis swap to tap a January 2019 Kangaroo on Wednesday. The agency also raised £150m with a tap of a December 2017 sterling line.
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The World Bank was busy in local currencies this week, printing its first deal in Mexican pesos this year and doubling the size of an 11 year Kangaroo bond.
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Affordable Housing Finance, which raises debt for lending to registered providers of affordable housing in the UK, using a UK government guarantee, has tapped its 2042 secured bonds for £183.5m — and priced arguably through its own curve.
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World Bank has been busy in local currencies this week, printing its first deal in Mexican pesos this year and doubling the size of an 11 year Kangaroo bond.
