TD Securities
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Covered bond activity slowed this week with only three deals emerging, half the number seen in the prior week, with Canadian issuers at the fore.
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A pair of rare SSA names kept Kangaroo and Kauri bond supply ticking over this week, as Asian investor appetite drove demand. -
The Asian Development Bank added to a busy few weeks in the Kauri market with a NZ$200m ($140m) five year note on Wednesday.
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Rentenbank added to a strong run of Kauri issuance over the last week with a NZ$100m ($69.2m) five year deal on Tuesday, as another issuer lined up a trade in the format.
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Sponsored TD SecuritiesIssuers and investors have had to get used to an environment of heavily negative swap spreads in the US market during the last six months. Swap spreads have come back from the tightest levels seen before Christmas, however intraday volatility and big swings in the shape of the swap spread curve continue to provide a challenging backdrop for SSA issuers and investors to navigate
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Three public sector issuers returned to the Kangaroo bond market this week to raise a combined total of A$850m ($652m).
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Issuers stormed out of the blocks with a set of deals across the curve this week, with factors including an increase in swap spreads on the short end, a positive feeling towards the US market since Janet Yellen’s statements in March and the start of the Japanese fiscal year all credited.
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The African Development Bank and L-Bank on Thursday added to a surge of deals at the short end of the dollar curve, as issuance rode on a wave of dovish central bank outlooks.
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The World Bank increased a January 2021 New Zealand dollar note on Thursday with a tap that is largest issue in the Kauri market so far this year, according to a banker on the deal.
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L-Bank and the African Development Bank are set to be the latest issuers this week to take advantage of rising short end dollar swap spreads, mandating for deals on Wednesday after Finland printed a short dated deal of its own.
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Asian Development Bank printed a A$225m ($170.8m) 10 year bond on Thursday, the largest issue size in this tenor from an SSA borrower in the Australian dollar market since 2014.
