TD Securities
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With the hree new issues in the market this week progressing well, the SSA market seems to have put Brexit chaos in the past and returned to business as usual.
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KfW found enough demand to print a A$400m ($299.2m) tap of its January 2019 Kangaroo bond late last week, highlighting a remarkable return to stability for markets after the previous week's Brexit vote.
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The African Development Bank printed an A$60m ($44m) tap of its June 2026 notes on Wednesday, as bankers predicted more Kangaroo issuance will follow this week.
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The Province of Manitoba sold a 10 year dollar bond on Tuesday, taking advantage of a good window despite the impending Fed rates decision on Wednesday.
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Sponsored TD SecuritiesWith yields across much of the developed world entrapped in an apparently endless downward spiral, investor attention is once again focusing on the potential of emerging market (EM) debt. Cristian Maggio, global head of emerging markets strategy at TD Securities, explains that it is not just the relatively high yields available in the asset class that is attracting renewed investor interest. Following a lengthy period of underperformance, there are several compelling drivers of rising investor confidence in the longer term prospects for EM.
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A pair of issuers reopened the 10 year part of the dollar curve for sovereigns, supranationals and agencies this week, but despite both trades gaining plaudits there is still scepticism over whether a $2bn-plus sized deal is possible.
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KommuneKredit grabbed the first chance of the week to print five year dollars while other public sector issuers are set on 10 year deals.
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Danish agency KommuneKredit has selected four banks to sell a five year no-grow $1bn bond in a dollar market that shows no signs of slowing down.
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There was a steady stream of sterling deals in the supranational and agency market this week, amid confidence that volumes will keep up until the UK’s referendum on European Union membership is imminent.