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◆ EDC prints tightest US dollar deal from a Canadian this year ◆ Tight spread to US Treasuries 'looks good for Canada risk' ◆ World Bank mandates seven year dollar floater
◆ EDC had originally considered last week for dollar deal ◆ Favourable dollar funding could tempt European SSAs ◆ Five year tenor safer option
◆ Curve inversion 'vividly' debated for 15 year print ◆ 'Structural shortage' of French agency paper ◆ Prefunding under consideration ahead of 2027 French political risk
◆ IFC's first green dollar benchmark since 2017 breaks US Treasury spread record ◆ Green investors made 4bp tightening possible ◆ Third of IFC funding comes from MTNs
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The coronavirus knows no borders — but the response is all about national power. The same will be true in markets. -
Central banks across the world seem to be heading towards rate cuts, accelerated by the need to mitigate the economic effects of the Covid-19 outbreak. An unintended consequence of this is an increasing scarcity of attractive arbitrage funding opportunities for borrowers. This sort of funding, typically a perk of the best rated borrowers, will concentrate funding risk for them instead — ironically at a time when they should benefit from their safe haven status.
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World Bank surprised some market participants by announcing a five year dollar benchmark shortly after the Federal Reserve slashed rates in response to the Covid-19 coronavirus outbreak, but before the details of the Fed's plans were unveiled at a press conference.
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Two more bankers are leaving Daiwa Capital Markets Europe’s debt capital markets team, as the bank relocates staff to Frankfurt as part of plans to make sure it can continue to serve EU clients after Brexit.
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Trading levels given are bid-side spreads versus mid-swaps and/or an underlying benchmark and bid-yields from the close of business on Monday, March 2. The source for secondary trading levels is ICE Data Services.
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Public sector borrowers are opting to sit on the sidelines as the Covid-19 virus outbreak intensifies, causing sharp moves in rates and swap spreads.
