RBC Capital Markets
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A trio of European SSAs raised a combined $6bn with five year dollar benchmarks this week. Kommunalbanken, the European Stability Mechanism and Nordic Investment Bank all hit a “very deep pocket” of demand in the tenor. -
The European Stability Mechanism hit dollar the market on Wednesday with a five year benchmark — its fourth ever in the currency. Two Nordic issuers are set to follow suit on Thursday.
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The UK Debt Management Office has chosen the banks to lead the first ever 15 year Gilt to be sold via syndication, which will hit the market next week
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The European Investment Bank gave the flagging volumes in the non-UK sterling SSA market a boost on Friday, bringing the first ever Sonia floating rate note linked to the Bank of England’s new compounded Sonia index.
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The European Investment Bank mandated banks on Thursday for the first Sonia floating rate note linked to the Bank of England’s new compounded Sonia index which was launched earlier this month.
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Communauté Française de Belgique returned in mid-August after a seventh month absence to print a slew of deals for a combined €404m, according to Dealogic.
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Euro investors are sniffing around further out along the SSA curve, with Euratom returning after a two year absence to print a 10 year bond earmarked to fund power plant safety measures in Ukraine, while the Treasury Corp of Victoria tapped demand past the 30 year point.
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A trio of SSA borrowers hit the market for dollar paper this week, testing the waters across the curve and finding investors receptive. Although the top tier names are mostly well funded, demand is still hot for the extra yield offered by the second layer of SSA borrowers.
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The Province of Alberta hit the market for a 10 year deal, raising $2bn and impressing onlookers with a solid order book. Its peer Quebec will follow up on Thursday with a five year. But despite Alberta's success, further supply at the tenor may be limited.
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The Inter-American Investment Corporation (IDB Invest) raised $1bn with a three year bond on Tuesday, while the Japan International Cooperation Agency tested the water with a 10 year dollar transaction, opening up an opportunity for the Province of Alberta to follow suit.
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Investors piled into KfW’s first dollar benchmark in six months on Tuesday, allowing the issuer to break the order book record for SSA dollar benchmarks.
