Scotiabank
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The Province of Alberta on Wednesday passed its first bond market test since suffering a double downgrade from S&P in May. Bankers away from the trade said it was a “good outcome”, despite having to pay a bit of concession — unlike most other dollar deals over the last few weeks. -
Sweden on Tuesday printed a dollar benchmark at one of the tightest spreads to mid-swaps from a public sector issuer this year, as a Canadian province prepared to bring a deal in the currency further out the curve.
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Peru’s efforts to make its domestic bond curve Euroclearable appeared to pay dividends on Monday after 70% of demand for its first deal in the format came from non-Latin American investors.
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Peru will begin meeting fixed income investors on Tuesday in preparation for a benchmark-sized Peruvian sol-denominated bond of “intermediate to long maturity”, according to a note sent to investors.
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Cyprus, entering an otherwise quiet market, has picked banks for a seven year euro benchmark to be sold on Tuesday.
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New deals marketed this week by US borrowers Owens-Illinois and Federal-Mogul pushed reverse Yankee issuance to 25% of the €22bn of euro high yield issuance so far in 2017.
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US car rental company Avis Budget Group called in on European investors on Wednesday with a refinancing that extended a busy pipeline of reverse Yankee high yield deals in euros.
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KfW and the European Bank for Reconstruction and Development took full advantage of a strong environment to sell dollar benchmarks on Tuesday. Further dollar issuance is rumoured this week — with conditions so good that deals may come despite potential volatility from US president Donald Trump making his first speech to Congress during the New York evening on Tuesday night.
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