RBC Capital Markets

Investors piled into a €300m bond issue for Brussels Airport on Wednesday, leaving syndicate bankers brimming with frustration that more issuers had not exploited this week's strong market.

The European Bank for Reconstruction and Development on Tuesday equalled its largest ever size in dollars on Tuesday with a deal priced flat to or through its curve. The Asian Development Bank is set to follow in a market in which issuers are winning demand from investors starved of supply, said bankers.

The lawsuits over alleged manipulation of the SSA market have spread further, with more dealers and individuals named in a court filing. Citi, HSBC, RBC and TD Bank have now been added, as well as Bank of America, Crédit Agricole, Credit Suisse, Deutsche Bank and Nomura. The suit also draws in the new issue market, alleging that the traders were able to front-run new issues yet to be announced or in book-building.

The euro high yield market closed the week before the Easter break in strong form, with bonds from Burger King France and Colfax, the US gas company.

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Petra Diamonds cut through a rough period for South Africa to print a $650m five year bond this week — but the deal is not evidence that the market is open to all borrowers from the country as Petra outshines the rest, said bankers.

L-Bank shattered its sterling size record on Wednesday, exceeding the expectations of even its leads with a £500m five year deal.

International Finance Corporation is set to launch a new 10 year Kangaroo bond.

The dollar market was on spectacular form on Wednesday, with a Canadian province pushing out a rare 10 year bond, a supranational smashing its size record and a $4bn five year from a German agency.

Public sector borrowers are lining up a three pronged attack on Wednesday in a dollar market that is enjoying its widest swap spreads of the year. Quebec is attempting the first 10 year dollar benchmark since the first week of the year, KfW is out in fives — a part of the curve that has also become attractive in euros — and the Inter-American Development Bank is coming at the short end.

Swedish Export Credit Corporation (SEK) has returned to sterling for a tap of a December 2020 line, as investors’ confidence in the currency grows.