RBC Capital Markets
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Japanese investors on the hunt for European SSA credit drove a flurry of long dated Australian dollar deals on Wednesday. -
The public sector bond market has safely passed a week full of risk events, with each delivering the anticipated result. That makes it likely borrowers will further enjoy what have been stellar conditions in euros, dollars and sterling.
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The sterling market was red hot this week with public sector issuers hitting screens in force, despite a headline heavy calendar.
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KfW launched a £300m tap of a December 2019 line on Wednesday, pulling in over £350m of orders in spite of sharp swings in the strength of the currency.
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Public sector borrowers will take a pause from primary this week as they dodge possible volatility during a week riddled with political and economic risk events in three major currencies.
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World Bank proved its popularity in the Australian dollar bond market on Tuesday, selling a combination of medium and long dated debt for A$800m ($605.4m) to a wide variety of investors.
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A pair of supranational issuers nipped in on Tuesday with what are likely to be the final dollar deals of the week before a Federal Open Market Committee meeting on Wednesday — where futures prices suggest an overwhelming likelihood that the Federal Reserve’s target rate will rise.
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Svensk Exportkredit (SEK) hit screens for a sterling deal on Monday, raising £250m with a one day execution despite the announcement that the Scottish government will seek a second independence referendum.
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The Province of Ontario and Rentenbank tapped bonds at the long end of the Kangaroo curve this week, while the Asian Development Bank (ADB) mandated banks for a new Australian dollar bond.
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US President Donald Trump’s first speech to Congress, a remarkable switch in Federal Reserve rate expectations and swap spreads falling from their early week highs all failed to derail a stellar week for public sector dollar issuance. More trades are expected to come next week, before the market quiets ahead of the Fed’s next rate decision and a Dutch general election where the far-right Party for Freedom (PVV) is expected to perform well.
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The market for socially responsible investment (SRI) bonds is enjoying a burst of activity, as sub-sovereign borrowers from both sides of the Atlantic hit screens in green.
