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◆ Issuer plans regular appearance after 'warm welcome' ◆ Two euro bonds yet to come ◆ Inaugural covered deal not expected until late 2027
◆ Five year dollars preferred over euros ◆ New US investors in book ◆ Zero coupon structures suit ALM needs
◆ Issuer typically funds in dollars ◆ ESG euro bond had been in the pipeline ◆ Premium paid to leave room for performance
◆ Vaccination provider prints first dollar benchmark since 2024 ◆ Trade offers pickup over supras ◆ New issue premium estimated
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The SSA dollar bond market sprang into life this week with a slew of impressive deals. With swap spreads yawning wider at the short end and a fairly flat curve to five years, borrowers could soon be issuing sub-Libor deals in the belly of the curve. -
KfW and CPPIB Capital achieved super tight pricings in the short end of the US dollar market on Thursday, with the former bringing the first deal with a negative spread to mid-swaps in the currency by a public sector borrower this year.
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The Council of Europe Development Bank hit the market for €500m on Thursday, with a pricey bond carrying a social inclusion bond label. On the same day, Andalucia sold its first ever sustainability bond.
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KfW hit the market with an impressive green bond this week, raising a record €4bn of eight year paper and paying only 1bp of new issue concession to do so.
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Ben Powell is set to return to his old stomping ground at SEB after 18 months as treasurer for the International Fund for Agricultural Development.
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KfW will be the next public sector issuer joining the action in the dollar bond market. It has picked banks for a two year bond, taking advantage of hefty swap spreads at the short end of the curve. The trade follows a slew of longer dated deals on Wednesday.
