Scotiabank
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The dollar SSA market was ablaze on Tuesday, with five deals on screen offering small new issue premiums and gaining chunky demand across the maturity curve. -
Land NRW and Nederlandse Waterschapsbank mandated for dollars on Monday, kickstarting the market again after a fortnight of blank screens in the currency.
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The US corporate bond market continued to crank out investment grade deals despite fears of a global recession battering risk assets this week.
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Central American sovereign El Salvador will begin meeting bond investors on Wednesday as it looks to issue its first international bond under president Nayib Bukele.
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L-Bank issued its biggest single bond in dollars this week while the Inter-American Development Bank (IADB) printed its first ever dual tranche trade in the currency. But some market participants warned that the good times at the short end of the dollar curve might be coming to an end.
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SSA names found the going varied in dollars on Tuesday, with the Inter-American Development Bank only just covering the minimum size of its tightly priced short end trade while Land NRW and L-Bank saw chunkier demand.
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A trio of issuers burst into the sovereign, supranational and agency dollar market on Monday, as syndicate officials say they have been pleasantly surprised by how quickly the sector bounced back after a tricky period.
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Colombian utility Empresas Públicas de Medellín (EPM) will begin fixed-income investor meetings on Thursday and could issue dollar bonds for the first time in 10 years as part of a $1bn-equivalent deal to refinance debt.
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Peru’s return to dollar bond markets after four years on Thursday saw it clinch its lowest ever yield and price flat to or even inside its better rated neighbour Chile. Yet so sought after is Peru’s hard currency paper that the government is having a tough time persuading bondholders to let go.
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There was high demand for dollar SSA paper as Kommunalbanken (KBN) printed at its tightest ever spread against the US Treasuries on Wednesday. Meanwhile the Province of Ontario has mandated for its own benchmark transaction.
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Peru will meet fixed income investors in the US on Tuesday and Wednesday as the new second best rated sovereign in Latin America prepares a dual currency bond offering that would include its first visit to dollar markets since 2015.
