TD Securities

The World Bank on Tuesday mandated for a dollar benchmark, as action in the market heated up in anticipation of the Federal Open Market Committee’s meeting on March 15-16.

The European Investment Bank is to hit the dollar market with a five year benchmark, its second print in the currency this year, as issuers continue to focus on the short end of the curve.

Toronto-Dominion Bank followed its quarterly earnings report with a deal on Monday, paying up versus floating rate and dollar formats to extend its euro fixed-rate senior curve with a five year transaction.

Nordic Investment Bank has printed the second dollar benchmark from an SSA this week, as issuers contend with the effects on pricing of negative swap spreads.

Nordic Investment Bank is preparing a three year dollar benchmark, following a KfW five year deal that had to brave a backdrop of negative swap spreads.

KfW hit screens with a five year dollar benchmark on Tuesday that is offering the issuer’s widest swap spread at the tenor in several years, which bankers away from the mandate attributed to negative swap spreads and market-wide volatility last week.

Rentenbank was the sole issuer to test the dollar market this week, printing a $750m floating rate note.

Issuance slowed in the sovereign, supranational and agency bond market this week thanks to Chinese New Year and the anticipation of US Federal Reserve chairperson, Janet Yellen's testimony to US Congress.

A window for sovereign, supranational and agency issuance opened after the Federal Open Market Committee (FOMC) meeting on Wednesday, with deals likely to get done before the inevitable slowdown accompanying the start of the Chinese new year on February 8.

Export Development Canada (EDC) has printed $1bn no-grow three year dollar benchmark that brought in a large order book and priced tightly, despite volatility elsewhere in markets.

Export Development Canada is to price a $1bn no-grow February 2019 benchmark on Tuesday, ahead of this week’s Federal Reserve rates meeting.

The Province of Ontario last Friday took advantage of a calm end to a volatile week, pricing its second green bond in Canadian dollars at the very tight end of guidance.