Scotiabank
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Klabin, the Brazilian pulp and paper company, returned to bond markets on Wednesday, taking advantage of a flattening yield curve to issue its first long bond, despite a bad day for Brazilian assets. -
Telecoms company Cable & Wireless, which operates mostly in the Caribbean, added $300m to its longest dated bond on Wednesday in a deal that received strong backing from US high yield buyers.
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Bank Nederlandse Gemeenten was the only name out in dollars this week for a small tap, as the US Federal Reserve sent rates sharply down after a more dovish than expected meeting on Wednesday.
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Bank Nederlandse Gemeenten is braving the dollar bond market during the Federal Open Market Committee on Wednesday, as it takes indications of interest for a $250m tap of its March 2022 floater.
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World Bank raised $4.5bn of five year bonds on Tuesday with its first dollar benchmark of the year. Municipality Finance (MuniFin) joined it at the tenor a day later, but this is widely expected to be SSA issuers’ last hurrah in the currency for a few weeks.
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Municipality Finance (Muni Fin) printed a $1bn no-grow short five year bond on Wednesday, joining World Bank at the tenor in a dollar market that bankers said has offered something for everyone this week.
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Dollar swap spreads tightened dramatically in the middle of the week — with bankers at a loss to explain why — but the SSA sector was still “rock solid” in one syndicate head’s words, so the currency should be open for business next week. The only two dollar trades this week — a bond market return from CDP Financial and first deal of the year from Erste Abwicklungsanstalt — both went well.
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Erste Abwicklungsanstalt (EAA)’s decision to forego the price discovery process on its first benchmark of 2019 paid off, as the issuer printed more than its original target for the dollar deal on Tuesday at a level that some SSA bankers away from the deal said may have been slightly through its secondary curve.
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Erste Abwicklungsanstalt (EAA) looks set to have the dollar market to itself on Tuesday with its first benchmark of the year, and is foregoing the price discovery process.
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The UK’s BB Healthcare Trust has amended its revolving credit facility, with the healthcare equity investment trust switching the base currency of its bank debt from sterling to dollars.
