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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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Unédic was almost three times covered for a 10 year bond on Thursday, with the leads pointing to the relative value of the trade and the quality of name as the factors behind its success against a difficult market backdrop. -
CPPIB Capital came to market for a dollar benchmark on Wednesday, after mandating the deal last Friday. The trade had been postponed to avoid printing in the peak of the volatility sparked by the worsening Covid-19 outbreak.
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The European Investment Bank is out with its first Sofr-linked floating rate note structured with a ‘shift’ coupon calculation rather than the ‘lag’ methodology which it introduced to the Sofr FRN market in June 2019.
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MUFG has put one of its co-heads of debt capital markets at risk of redundancy.
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MTN deal volumes year-to-date have slumped by nearly a third year on year, falling from $51.6bn in 2019 to $35bn this year. The fall has been particularly pronounced in core currency deals, with deals from other currencies forming a larger proportion of the market.
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The Bank of England has said it intends to publish compounded Sonia averages and a Sonia index using a ‘shift’ calculation method by the end of July, subject to feedback on a series of questions it has asked sterling market participants. This follows the first deal using that method from the European Bank for Reconstruction and Development Bank last week.
