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◆ Scaled-back bank treasuries snap up rare seven year floater ◆ Dollar FRN drought eases as World Bank extends curve ◆ Floater lands inside fixed rate funding levels
◆ New sterling five year lands after BoE Level B upgrade ◆ Dollar FRN 'snowball' as $2bn raised ◆ Callable issuance steady as zero structures cool
◆ 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
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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. -
The virtual drought in international corporate issuance in the Swiss franc market belatedly came to an end on Tuesday in spectacular fashion, when BMW launched a speedily executed two-tranche issue for Sfr600m ($600m).
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The first issuer representing the United Arab Emirates as a federal entity came to market this week. Emirates Development Bank raised $750m with a five year, surprising market participants with an aggressive pricing strategy.
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The Export-Import Bank of China raised €1bn from a three year bullet on Wednesday, bringing home more cash than expected thanks to overwhelming orders from eager investors.
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Export Development Canada made light work of its debut euro benchmark on Wednesday, with the deal heavily oversubscribed and printed 3bp tighter than price thoughts. While applauding the deal, some on-looking SSA bankers felt the level on offer might have been slightly generous — although they admitted that fair value is always fuzzy on an inaugural trade.
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The Kangaroo bond market’s recent bounce kept pace this week as Asian Development Bank on Tuesday raised an additional A$100m ($71.6m) with a tap of an existing A$250m issue. Bankers are confident that more supply could follow.
