RBC Capital Markets
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Dollar investors gave public sector issuers something to think about on Wednesday, as a pair of SRI bonds had very different receptions. One aggressively priced deal struggled to reach full subscription while another offering some concession grew by a half. World Bank is up next in the currency, though in conventional format, and bankers believe the trade will indicate the market’s direction. -
The European Investment Bank’s latest dollar benchmark chalked up one of the highest BondMarker scores of the year so far in the currency.
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The African Development Bank and Bank Nederlandse Gemeenten kept the positive momentum going in the dollar SSA market this week with blowout five year benchmark trades on Thursday.
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French electrical utility Engie found success with a benchmark dual tranche issue of corporate bonds on its third visit to the euro bond market in 2018. The company opted for no-grows with both tranches, which served to increase demand markedly compared with its previous deal.
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Lloyds Bank attracted stellar demand for the first Sonia-linked trade from a FIG borrower. The covered bond format was swiftly followed by a senior unsecured deal from Royal Bank of Canada. Bill Thornhill reports.
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Daimler raised £500m when it reopened the sterling corporate bond market two weeks ago following the summer break — and nothing more was seen in the currency until this week, when two deals raised a combined £1.1bn.
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The European Investment Bank printed flat to, if not through, its dollar curve on Wednesday, drawing a more than doubly subscribed book and immediately moving tighter in secondaries. That should bode well for other borrowers looking at the currency in the coming weeks, said SSA bankers.
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US telecoms giant AT&T has historically used the sterling corporate bond market for longer dated issuance. However, on Thursday, it sold an eight year deal in the currency – its shortest tenor in sterling since 2009.
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The European Investment Bank printed flat to, if not through, its dollar curve on Wednesday, drawing a more than doubly subscribed book and immediately moving tighter in secondaries. That should bode well for other borrowers looking at the currency in the coming weeks, said SSA bankers.
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The dollar market for public sector borrowers is set to welcome the return of one of its biggest issuers, as deal flow restarted after Monday’s US Labor Day holiday.
