RBC Capital Markets
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Four public sector borrowers hit the dollar market on Wednesday, including a rare seven year deal from new issuer International Development Association (IDA). -
The European Investment Bank raised $5bn with a three year global benchmark on Tuesday, setting the stage for fellow SSA borrowers to tap the dollar market later in the week.
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Bank Nederlandse Gementeen (BNG) this week became the latest public sector borrower to hit the 10 year part of the dollar curve with its first such trade since 2016. While demand seems to be starting to slow down for 10 year dollar bonds, SSA bankers say there is still room for more issuers to follow.
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Bank Nederlandse Gemeenten scored a 10 year dollar benchmark bond on Wednesday — its first at the tenor for four years. A fellow European issuer hit the short end of the dollar curve.
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The New Development Bank is looking to take advantage of the strong demand in dollars by bringing its long-awaited inaugural trade in the currency as part of its response to the coronavirus pandemic.
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A quartet of SSAs borrowed a combined A$940m ($613.4m) into the Kangaroo market this week, spurring the SSA Aussie dollar market on to its best monthly volume in over nine months.
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Pfizer was at its opportunistic best this week as it issued $4bn of notes that included the lowest ever coupon on a corporate five year bond.
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Belgium took advantage of more attractive funding conditions in dollars versus euros and strong demand at the 10 year point of the curve to sell its first dollar bond since 2017 on Tuesday. SSA supply in dollars will continue on Wednesday with the Asian Infrastructure Investment Bank and Nederlandse Waterschapsbank bringing socially responsible deals.
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The UK Debt Management Office launched its first bond syndication of the new financial year on Tuesday, smashing all previous records for deal and order book size and making a healthy start on its largest ever borrowing programme in response to the coronavirus pandemic. Despite the huge size, the deal caused “barely a ripple”, thanks to the support of the Bank of England’s asset purchase facility.
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