TD Securities
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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. -
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.
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Export Development Canada sold its largest bond in sterling in over two years on Wednesday as investor appetite for the currency showed little sign of abating.
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A £1bn bond from the European Investment Bank last Friday should inspire other issuers to try their luck in the sterling market this week, said bankers.
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The Asian Infrastructure and Investment Bank may follow other SSAs to the Kangaroo market.
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SSA activity in the Kangaroo market is picking up after a move in the cross currency basis swap between Australian dollars and euros.
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The European Bank for Reconstruction and Development printed a $500m floating rate note on Thursday in the week’s third deal in the format.
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The European Investment Bank printed a three year dollar benchmark on Wednesday, joining other issuers this week in staying at the short end of the curve.
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Sponsored TD SecuritiesWhen TD Securities was appointed as the 22nd primary dealer in the US in February 2014, it represented an important landmark in the evolution of TD Securities’ global capital market franchise, underscoring its long-term commitment to the world’s largest and most liquid fixed income market. John Moore, head of US and international fixed income, says that the firm’s increasingly prominent position in the US capital market builds on the fast-growing footprint of its parent, Toronto-Dominion Bank (TD Bank) across the US banking sector.
