RBC Capital Markets

Four public sector borrowers received strong receptions in the primary US dollar market this week, with a lack of supply in the currency over the last few weeks overriding volatility in US Treasuries.

The Inter-American Development Bank and the Province of British Columbia sold well subscribed dollar deals on Tuesday but volatility could be on the radar after US inflation data beat expectations.

Toyota Motor Finance Netherlands, the Dutch arm of the Japanese car company’s credit division, on Monday became the latest issuer to hit the red hot sterling bond market, parking a chunky single tranche trade in the currency.

Two SSA borrowers announced on Monday that they were preparing to enter the dollar market on Tuesday, hoping for a calmer picture in the underlying rates market than was in evidence last week.

It was a question of unfinished business for Nomura this week, as the Japanese firm came to the dollar market with a rebooted $3.25bn three part dollar trade.

KfW

KfW braved a volatile rates backdrop to reopen the primary dollar public sector bond market on Wednesday. Dexia Credit Local is looking to follow with a deal in the same currency and tenor on Thursday.

Hipgnosis Songs Fund, the £1.6bn music royalties investment company, has wrapped up its seventh equity raise since its London Stock Exchange IPO in July 2018.

Royal Bank of Canada has sold the third Canadian covered bond in sterling this year, landing its £1.25bn deal at a spread identical to those of its two peers. Meanwhile, Münchener Hypothekenbank is set to join the sterling spree in the coming days with the first fixed rate covered bond in the currency since 2018.

Only HSBC and RBC Capital Markets are underwriting Fortress’s £9.5bn bid to take UK supermarket chain Morrisons private, while only Morgan Stanley is advising Apollo on its potential rival bid. This leaves plenty of scope for other banks to team up with sponsors to make rival offers.

IDB Invest, the private sector arm of the Inter-American Development Bank, made its debut in the Australian dollar market on Wednesday, raising A$400m ($303.2m) with a social bond.

NatWest jumped into a dollar market in search of additional tier one (AT1) paper on Wednesday morning, as investors shrugged off short term volatility to open their "deep pockets".