RBC Capital Markets
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Bank Nederlandse Gemeenten kept the sterling tap running as the sole deal in the primary SSA market on Monday, with a Norwegian agency lining up to follow it on Tuesday. -
The Bank of England on Thursday raised its base rate by 25bp to 0.75%, a move that was widely expected and one that brought next to no market reaction — keeping conditions calm for what could be a record year for SSA sterling issuance. L-Bank added to that tally on the same day with a deal that came 25% above its initial size target.
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A pair of taps from the Council of Europe Development Bank (CEB) and KfW on Tuesday — ahead of the Bank of England’s expected rate rise later this week — ensured the non-UK sterling SSA market remains on track for a record year of issuance.
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SSA issuance in Canadian dollars is enjoying a renaissance, with a pair of deals this week taking July to a record monthly volume and a tenor last seen several years ago returning.
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The Canadian dollar market could see a resurgence in SSA issuance, said bankers, after the European Investment Bank printed a deal in a rare tenor for the currency this week.
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IHS Markit exploited the lull in high-grade supply to grab investor attention with its investment grade debut.
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Concerns from some fund managers about the terms of Altice’s new €2.5bn-equivalent bond were swamped by orders from other investors eager to bag single-B paper with a big coupon from a core high yield issuer. After a series of successful investor push-backs on deal terms, the debt laden French telecom proved this week that borrowers still can walk away with loose covenants, writes Victor Jimenez.
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Canadian Imperial Bank of Commerce (CIBC) sold its first senior unsecured Swiss franc debt on Thursday as opportunities for arbitrage grow for well-rated credits.
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French telecoms firm Altice called on the high yield bond and leveraged loan markets with a €4bn cross-border refinancing deal this week, hoping that improved quarterly results would help investors shake off the apprehension they showed for the credit in March.
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Public sector borrowers will enjoy sparkling conditions in the dollar market in the coming weeks if they choose to fund in the currency, said SSA bankers, with demand far outstripping supply. But candidates look hard to find after a handful of deals this week, with euros still offering better all-in pricing levels.
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After three sterling bonds this week from the eurozone, the cross-border issuance in the currency reached its highest ever year-to-date level, according to Dealogic.
